Industry SectorsFinancial ServicesCIMB Bank, MasterCard launch commercial payments card suite

CIMB Bank, MasterCard launch commercial payments card suite

The Malaysian bank said that its new commercial payments solutions include a corporate card and purchasing card.

CIMB Bank Berhad (CIMB) has launched its corporate card solutions, expanding 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 (B2B) 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.

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 card aim 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.

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.

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