CIMB launches CIMB Corporate Card Solutions to support businesses

Its new card solutions include the Corporate Card and Purchasing Card which offer automated processes and real-time reporting to help B2B spending, payments and collections. Conceptualised in partnership with MasterCard, CIMB Bank’s Corporate Card Solutions offer savings features by optimising cashflows and working capital. These digital banking solutions are 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.

The CIMB Corporate Card enables organisations to 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 virtual solution 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 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.

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