BMO Financial Group
NYSE : BMO
TSX : BMO

BMO Financial Group

August 22, 2011 12:27 ET

BMO Spend & Payment Solutions Adds MasterCard Travel Dashboard™ to Suite of Services

Helps Travel Managers Cut Costs and Gain Insight Into Company Travel Spend

- Quickly identify opportunities to cut costs and improve operational efficiency through detailed reporting on travel spend

- Ability to gather and correlate all travel data from multiple sources

- At a glance, determine compliance to travel policies and immediately view actual spend vs. budget - for your organization, for individual cost centers and even for specific vendors

DENVER, COLORADO--(Marketwire - Aug. 22, 2011) - GBTA ANNUAL CONVENTION - BMO Spend & Payment Solutions, a division of BMO Financial Group (NYSE:BMO)(TSX:BMO), today announced that organizations using the BMO Travel and Entertainment (T&E) card or Diners Club card now have the option of obtaining 360 degree visibility into all travel card spend data through the MasterCard Travel Dashboard. This powerful web-based application helps businesses pinpoint opportunities to cut travel costs, identify key trends in travel spend, accurately measure travel policy compliance and generate detailed reports that transform travel data into actionable insight.

"MasterCard (NYSE:MA) works with vendors across key travel industries to obtain detailed data on purchases and spending trends," said Terry Wellesley, Executive Managing Director for BMO Spend & Payment Solutions. "The Dashboard's capacity to consolidate huge amounts of information from multiple sources enables organizations to generate instant intelligence from that data and identify opportunities to save."

The MasterCard Travel Dashboard goes well beyond traditional tools for travel and expense management with:

  • Data from all five major Global Distributions Systems, a variety of travel management companies and leading hotel properties worldwide.
  • Integrated data to customize budget parameters, gain leverage in vendor negotiations and streamline their preferred vendor list.
  • Quick snapshots of overall spend, by category, against budget, giving travel managers the opportunity to make changes as needed.

"As business travel continues to rebound, yet T&E budgets remain tight, corporate travel managers continually look for opportunities to more efficiently evaluate, analyze, and optimize their corporate card programs," said Jay Singer, group head of U.S. Commercial Products at MasterCard Worldwide. "Through our collaboration with travel providers and properties worldwide, we're able to continue to build the industry's most powerful, comprehensive and seamless global data infrastructure to support our customers' corporate card offerings."

About MasterCard

As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.

About BMO Spend & Payment Solutions

A division of BMO Financial Group, BMO Spend & Payment Solutions 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.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $413 billion as at April 30, 2011, and more than 38,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

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