Commonwealth Bank rolls out new business banking system

Commonwealth Bank rolls out new business banking system

Commonwealth Bank of Australia has deployed a new one-size-fits-all online business banking system, Commbiz.

The delivery of CommBiz comes less than nine months after Commonwealth CEO Ralph Norris identified business banking as one of four key priorities for the bank.

Stuart Grimshaw, group executive - premium business services, says: "Given the growing importance of the Internet in business, CommBiz is a well-timed and much needed service that adds value to business customer needs."

The system replaces a proprietary desktop business banking system first introduced in the mid-90s that required customers to download software from the bank and that had to be operated from dedicated terminals.

CommBiz was piloted internally before release to 1000 of the bank’s existing QuickLine and Diammond customers in November.

Leslie Martin, executive general manager - banking products, says CommBiz will allow businesses of all sizes to transact easier, faster and safer than before.

She says: "A lot has changed over the last 10 years and we’ve needed a capability that fits with the way our customers do business. CommBiz gives us flexibility that Diammond and QuickLine were missing."

Clients can use CommBiz to pay staff and suppliers, transfer funds between accounts, manage payables and receivables and check real-time balances. The system offers two-factor authentication with a personal security token that issues a unique password every 30 seconds in order to complete transactions.

Migration of existing customers to the new product has been started and will continue through 2007, says Martin.

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