Commonwealth Bank of Australia has teamed up with Microsoft and KPMG to launch a business management platform for SMEs.
Dubbed Wiise, the cloud-based platform promises to help small firms take control of their business by combining accounting, payroll and banking, and operational functions, including HR, inventory and manufacturing.
Launching in July, the platform will operate as a standalone venture based at the Stone & Chalk fintech lab in Sydney.
Wiise will integrate with CBA's invoicing platform and its banking data feeds, and users will be able to enquire, and in some cases apply, for specialised business banking products directly through the system.
Adam Bennett, group exec, business and private banking, CBA, says: "We're always looking for ways to better support SMEs to run and grow their business. Wiise is a great example of this commitment, and of our openness to working with leading business tools that bring our customers' banking to wherever they're doing business."
The platform is being targeted at SME's that have outgrown off-the-shelf accounting and book keeping tools and are looking for software that combines business management capabilities with online banking and payments.
Steven Worrall, MD, Microsoft Australia, says: “As businesses mature, they experience the inevitable 'growing pains' and complexity that come with growth.
"The technology solutions that served them well when they first started out are no longer fit for purpose and they just want a solution that makes their business simpler to run and faster to grow but without the complexity of deploying large, expensive Enterprise Resource Planning solutions."