TORONTO, ONTARIO and LOS ANGELES, CALIFORNIA--(Marketwire - June 26, 2012) - Today's hectic schedules create a new imperative for business solutions to work easily and intuitively, especially when professionals are on the road. BMO Spend & Payment Solutions, a division of BMO Financial Group (TSX:BMO)(NYSE:TSX), and Chrome River Technologies, a leading provider of online expense reporting and invoice management services today announced a strategic referral and solution development partnership. The alliance will advance customers' constant pursuit of greater visibility and control over corporate spend - particularly with client-billable expenses.
"Client-billable expenses are a costly, administrative headache; traditional, manual process is prone to errors. That means service organizations are picking up more than their fair share of the tab," said Terry Wellesley, Executive Managing Director for BMO Spend & Payment Solutions. "The combination of a corporate card that enjoys best-in-class acceptance along with the expense management reporting technology of Chrome River provides even deeper visibility - for business travelers and for their billing and payment departments."
"Driving efficiency for expense capture and management is a key priority for every business across all industries - especially in an increasingly global market," said Alan Rich, co-founder and CEO of Chrome River Technologies. "We're anticipating that the integration that we've developed with BMO Spend & Payment Solutions will continue to evolve and grow through increased customer and partner interaction."
This comprehensive system delivers several bottom-line business benefits to both sets of customers including:
- Reduced administrative overhead through easy-to-use systems for managing expenses, giving busy professionals and expense managers an opportunity to reallocate resources to alternate high-priority projects.
- Rapid expense reimbursement through optimized systems that speed the tracking, reporting and processing of expenses, helping improve businesses cash flow and deliver more timely and accurate reports.
- Improved expense capture and reimbursement with an integrated corporate card and mobile expense reporting solution.
The partnership between BMO Spend & Payment Solutions and Chrome River Technologies is one of many partnerships in the BMO Business Travel Alliance, a consortium of world-class vendors committed to helping customers eliminate inefficiency, improve business practices and controls and drive better terms and prices with preferred vendors.
About Chrome River Technologies
Chrome River Technologies, Inc. provides expense reporting and invoice automation solutions that uniquely combine the latest available internet technologies with over 25 years of financial systems experience. Chrome River delivers immediate payback via a "Software as a Service" delivery model that requires no hardware, no software, and no long-term commitment. This unique service is easily configurable to meet the needs of organizations worldwide with complex expense management policies and collaborative approval processes. Additional information about Chrome River Technologies, Inc. and its solutions may be obtained by phone at 1.888.781.0088 or by visiting the company website at www.chromeriver.com.
About BMO Financial Group & BMO Spend & Payment Solutions
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
BMO Spend & Payment Solutions is a division of BMO Financial Group and is a leading commercial card and payment solutions provider in North America. BMO Spend & Payment Solutions' products are widely used by corporations, non-profit and government-sector organizations to manage, control and gain better visibility into their commercial spending and payments. For more information, visit http://www.bmospendandpayment.com.