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CIBC launches new banking platform for boosting business efficiency

Andrew Turnbull, Senior VP, Business Banking, CIBC

Canadian Imperial Bank of Commerce (CIBC) has launched a banking platform CIBC SmartBanking for Business in Canada with an aim to assist SMEs in the company growth. The solution provides a view of company finances, including accounting and payroll insights.

“Business owners are faced with simultaneously managing every facet of their business,” said Andrew Turnbull, Senior Vice-President, Business Banking, CIBC. “We are introducing a valuable business intelligence tool to help clients manage their banking, accounting and payroll in one place, saving them time so that they can focus on achieving their growth ambitions. SmartBanking is the latest way we are innovating for business owners to make their lives easier. With two-way data integration, this is the most advanced digital banking platform on the market and underlines the commitment we’ve made toward the future of business banking.”

According to the supplier, CIBC SmartBanking for Business focusses on reducing manual workload, simplifying reconciliation and improving accuracy. The solution provides financial insights for real-time business decisions. This will enable businesses to manage their financial dashboard as well as their day to day banking coupled with cash flow optimization.

CIBC, in order to roll out its banking solution, has integrated with cloud accounting software companies, Intuit Canada and Xero, and payroll software company, Ceridian.

“By combining CIBC’s powerful banking capabilities with critical insights from QuickBooks, small businesses can make smarter and faster decisions about the financial health of their business,” said Martin Fecko, Country Manager, Intuit Canada. “With 64 per cent of Canadian small businesses admitting to struggles with cash flow for their business, this collaboration with CIBC demonstrates how companies can come together for the financial benefit of Canadian small businesses, saving them time and finding innovative ways to tip the odds in their favour.”

Founded in 1867, CIBC, a Canadian financial institution, offers a full range of advice, solutions and services through its digital banking network around the world.

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