About
BMO's Pre-Authorized Payment Manager uses an AI algorithm and is designed to give customers a full view of all subscriptions and relevant ongoing payments attached to their credit card so that they can better understand where their money is going month to month.
Innovation presentation
BMO's Pre-Authorized Payment Manager uses an in-house algorithm and is designed to give customers a full view of all subscriptions and relevant ongoing payments attached to their credit card so that they can better understand where their money is going month to month. It does so automatically by providing:
- A list of all merchants with automatic payments and subscriptions that have been authorized by our customers.
- An overview of the details of the last payment and an estimate of future payments scheduled.
BMO is the first bank in Canada to launch such a feature, complimenting our already best-in-class card management suite. The Pre-Authorized Payments Manager meets a clear customer need and builds on our commitment to offering leading digital experiences that help our customers make real financial progress.
Uniqueness of the project
Pre-Authorized Payments Manager (PAPM) provides the customer the ability to have a comprehensive view of not only past payments/subscriptions, it also allows the user to see future payments (estimated). PAPM also allows the customer to visualize all the payments in one place. This is the first such offering in Canada and highlights BMO's commitment to helping our customers make real financial progress. The project required us to create an algorithm that is able to accurately map past subscriptions and pre-authorized payments, frequency and estimated future dates and payments. The project required significant co-ordination across various areas due to it involving multiple credit card issuers and internal systems.
