CIBC launches new banking platform for small and medium-sized business


CIBC has partnered with Intuit Canada, Ceridian and Xero to launch a new digital banking platform for small and medium-sized businesses (SMBs), that would give business owners a comprehensive view of company finances.

“This collaboration with CIBC demonstrates how companies can come together for the financial benefit of Canadian small businesses.”

CIBC said 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, business owners will be able to see a 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 cash flow. The bank is calling the platform the first of its kind in Canada.

“SmartBanking is the latest way we are innovating for business owners to make their lives easier,” said Andrew Turnbull, senior vice president of Business Banking at CIBC. “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 is integrating 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. Intuit Canada, which powers services like TurboTax, QuickBooks, Mint, and ProConnect, announced last December it would begin using AI in QuickBooks’ online offering.

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“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 of Intuit Canada. “With 64 percent 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.”

Ceridian, which provides human resources services like payroll to clients across four countries, was recently named by the Elevated Awards as one of the top 50 most innovative companies in Canada.

“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 at 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.”

Finally, Xero, which acquired Toronto-based startup HubDoc for $70 million USD last July, also offers a cloud-based accounting software platform. Some of Xero’s features include invoicing, bill payments, expenses, and purchase orders.

“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.”

Image courtesy Ian Muttoo via Flickr.

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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