CIMB Bank Launches Malaysia’s Leading Edge End-to-end Commercial Payment Solutions

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CIMB Bank Berhad’s (“CIMB Bank” or “CIMB”) today launched its Corporate Card Solutions, a new addition to its suite of Cash Management products to meet businesses’ increasing need for efficiency, transparency and control in their operational expenditure. Its new card solutions include the Corporate Card and Purchasing Card which offer automated processes and real-time reporting to help streamline business-to-business spending, payments and collections. Additionally, a new virtual card solution addresses supply chain requirements by enabling a more seamless transactional flow between businesses and their suppliers and customers.

Coupled with CIMB’s proprietary online real-time data analytics tools, these solutions give organisations a better overview of their operational expenditure to facilitate planning and control.

At the launch ceremony today, Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group said, “CIMB Bank’s Corporate Card Solutions mark an important milestone in realising the Group’s digital innovation strategy. In today’s business environment where cost management is a high priority, it is our aspiration to help organisations to significantly improve their operational and cost efficiency by automating their transactional flows. Conceptualised in partnership with MasterCard, these solutions offer unique savings features by optimising cashflows 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.”

Safdar Khan, Group Country Manager, Indonesia, Malaysia and Brunei; Group Head, Islamic Payments, Southeast Asia, MasterCard said, “Our collaboration with CIMB Bank serves as a platform for us to share our knowledge and expertise in corporate card solutions. The effort allows us to provide best-in-class innovations to help Malaysian companies digitise their business payment systems which is crucial for business growth. This is achieved by helping them streamline purchasing processes, allowing them to manage expenses efficiently through a safe and secured channel. The CIMB Corporate Card Solutions are a welcome addition to our existing suite of simple, safe and smart payment solutions equipped to address companies’ various business needs.”

The CIMB Corporate Card enables organisations to closely manage employee spending by allowing real-time overview of employees’ travel and entertainment expenditure. The CIMB Purchasing Card automates the company’s procurement process by capturing card transactions in real time, which facilitates account reconciliation. Both the CIMB Corporate Card and the CIMB Purchasing Card were designed to address and potentially replace cash and cheques in business expenditure as they offer greater flexibility, efficiency, transparency as well as multiple security and control features to monitor expenses as and when they are incurred.

The CIMB Purchasing Card (Virtual) is a revolutionary virtual solution that offers cardless convenience for payments and collections in a business’ supply chain. It enables 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. Every virtual card number generated can be controlled by supplier name, transaction amount, specific date etc., and payment will be blocked if it does not meet the control criteria. Data is captured in real time and matching a unique virtual card number to a specific payment improves reconciliation and aids data analysis.

Online management tools

The CIMB Corporate Cards Online, coupled with MasterCard Smart Data, is an integrated card administration tool to provide reporting for the Corporate Card Solutions activities. By offering access to real-time data, the online tool delivers superior business intelligence and analytics for corporate reporting and decision-making, like setting spending limits and customising merchant categories by each individual card holder.

The web portal can easily integrate card transaction information into businesses’ in-house accounting or enterprise resource planning (“ERP”) system without the need for manual data entry.

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