CIBC launches banking platform for SMEs
CIBC has unveiled a banking platform in Canada designed to help small and medium-sized businesses run and grow their companies. Called CIBC SmartBanking for Business, this digital solution gives business owners a comprehensive view of their company’s finances, including accounting and payroll insights, and makes it easier to manage their business.
The solution uses secure, two-way data integration between CIBC and cloud accounting platforms to reduce manual data entry, simplify reconciliation and improve accuracy. Through a single interface, a business owner can see their complete financial dashboard including upcoming payroll details, pending invoices and receivables, as well as access their day-to-day banking to manage upcoming payments and optimise their cash flow.
The digital platform provides financial insights to help make real-time business decisions. To accomplish this, CIBC integrates information from cloud accounting software companies Intuit Canada and Xero, and payroll software company Ceridian – services that are widely used by business owners, bookkeepers and accounting professionals – to help businesses make quick informed decisions, reconcile transactions and balance books.
CIBC SmartBanking for Business is available online and exclusively for iPad to download free on the App Store, with no monthly access fee. The design includes an interactive dashboard with accounting data from Xero accounting software, access to cash management services, such as wire payments, alerts and eStatements.