Canadian CIBC launches platform for SMEs

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CIBC, the Canadian bank, has revealed a banking platform in Canada for SMEs, CIBC SmartBanking for Business, which 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 platform integrates data between CIBC and cloud accounting platforms Intuit Canada and Xero to reduce manual data entry, simplify reconciliation and improve accuracy.

Business owners can see their complete financial dashboard including upcoming payroll details through Ceridian, pending invoices and receivables, as well as access their day-to-day banking to manage payments and cash flow.

“Business owners are faced with simultaneously managing every facet of their business,” says 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.”

Martin Fecko, country manager, Intuit Canada, says: “With 64% 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.”

CIBC SmartBanking for Business is available for iPad for free.

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