CIBC (CM) (CM) today unveiled a first-of-its-kind 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.
CIBC SmartBanking for Business 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 optimize their cash flow.
“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.”
The groundbreaking 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.
“SmartBanking is the latest way we are innovating for business owners to make their lives easier,” added Mr. Turnbull. “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.”
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 powerful cash management services, such as wire payments, alerts and eStatements all within the SmartBanking app.
Delivering innovation with leading accounting and payroll companies
Collaborating with market leaders was key to bringing CIBC SmartBanking for Business to fruition — from building API integration, creating secure sign on for easy navigation between applications, to developing mutual client consent models — the platform was built with the support of organizations who know and understand the needs of today’s accountants, bookkeepers and business owners.
“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.”
“Working together with CIBC to integrate our Powerpay Plus payroll solution into SmartBanking is a win for our shared customers,” said Warren Perlman , Chief Information Officer, Ceridian. “Business owners can toggle between platforms with one click, receive key insights about their payroll runs, and ultimately help manage their finances and payroll more efficiently and with greater ease.”
“By collaborating with CIBC, we’re thrilled to offer customers the ability to activate direct bank feeds and have access to timely and secure financial data,” said Will Buckley , Director, Canada at Xero. “Business owners will have clear insight into their financial position through Xero and CIBC SmartBanking for Business, which empowers them to make better-informed decisions to run their business.”