CIMB Bank has released its Corporate Card Solutions, a new suite of Cash Management products to meet businesses’ increasing requirements for efficiency, transparency and control in their operational expenditure.
The new card solutions, the Corporate Card and Purchasing Card, provide automated processing and real-time reporting to help modernize business-to-business spending, payments and collections.
The CIMB Corporate Card allows businesses to closely manage employee spending by allowing real-time overview of employees’ travel and entertainment expenditure, while the CIMB Purchasing Card automates the organizations’ procurement process by capturing card transactions in real time, which facilitates account reconciliation.
Both the cards have been designed to address and potentially replace cash and cheques in business expenditure, according to the Malaysian lender.
The CIMB Purchasing Card (virtual) offers cardless payments and collections in a business’ supply chain. It allows businesses to randomly generate a 16-digit virtual card number that is associated with a specific payment which is then securely transmitted to a specific supplier when payment is due.
Data is captured in real time and matching a unique virtual card number to a specific payment improves reconciliation and aids data analysis.
CIMB Group group CEO Tengku Dato’ Sri Zafrul Aziz said: "CIMB Bank’s Corporate Card Solutions mark an important milestone in realising the Group’s digital innovation strategy.
"Conceptualized in partnership with MasterCard, these solutions offer unique savings features by optimizing cash-flows and working capital.
"Our digital banking solutions such as these are also a response to Bank Negara Malaysia’s call for a reduction in the usage of cheques from 207 million in 2011 to 100 million by 2020."