B2B Payments

CIBC Targets Data Integration With New SMB Platform


Canadian bank CIBC is rolling out a new small business platform that combines banking, accounting and payroll services, the institution said Monday (May 13).

Dubbed CIBC SmartBanking for Business, the platform enables small business customers to obtain a holistic, streamlined view of their company finances with add-on services integrated with CIBC and other cloud-based accounting platforms. The solution provides visibility into cash positions, pending invoices and receivables, and day-to-day banking activity.

The solution supports connectivity into Intuit Canada and Xero, as well as payroll platform Ceridian. The platform is available online and through the Apple App Store for use on iPads, the company noted.

“Business owners are faced with simultaneously managing every facet of their business,” said CIBC Senior Vice President of Business Banking Andrew Turnbull in a statement. “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.”

Giving users a single interface, “SmartBanking is the latest way we are innovating for business owners to make their lives easier, He added. “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.”

Last month CIBC announced it would no longer charge foreign exchange transaction fees for companies using its Global Money Transfer platform, which facilitates cross-border payments and transactions for business clients.

In an interview with PYMNTS soon after that announcement, Turnbull said that “small business clients are increasingly looking overseas to do business.”

He explained, “We’re seeing the use of digital commerce — and the expansion across borders — happening much earlier in the business life cycle than it has historically.” And global expansion, he said, introduces a range of financial management challenges for those small firms.



B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.