CIMB Bank in Malaysia has launched a new suite of solutions designed to to make payments more efficient and to streamline the supply chain.
The solutions are all digital and will be available to corporate customers of CIMB. They have been developed following the diktat of Bank Negara, Malaysia’s Central Bank, that cheque usage should decline from 207 million in 2011 to 100 million in 2020.
Among the solutions are the CIMB Corporate Card, which is designed to manage employee expenses, the Procurement Card, which automates the procurement process and replaces cash and cheques. Both of these are designed to boost security, transparency and efficiency.
Another is the Purchasing Card, a virtual solution that allows for cardless payments and collections along the supply chain. Suppliers are issued a 16-digit virtual card number when a payment is due, which speeds up the payments process and makes it more secure.
The solutions have been developed in partnership with MasterCard.
CIMB’s CEO Tengku Dato Sri Zafrul Aziz says: “In today’s business environment where cost management is a high priority, it is our aspiration to help organisations to significantly improve their operational and cost efficiency by automating their transactional flows. Conceptualised in partnership with MasterCard, these solutions offer unique savings features by optimising cash flows and working capital.”