Businesses across the country will soon be able to access funds from their merchant terminals the same day, 365 days a year with the introduction of Everyday Settlement.
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Rolled out to Commonwealth business customers across the country over the coming months, the service allows transactions processed up to as late as 10.00pm AEST, and settled into a customer’s account by midnight the same day.
CBA will be the only institution of the big four banks including Westpac and NAB to be able to providing such a service. 100,000 customers will be migrated to the new service by December.
CBA data reveals approximately $332 million goes through merchant terminals every weekend,on average,equating to around 4.7 million transactions, although the funds could not be accessed until the following Tuesday.
According to Kelly Bayer Rosmarin, CBA Executive General Manager of Business Products and Development, Everyday Settlement provides customers with greater control over their finances.
“Not being able to settle accounts every day of the week is often a frustration of many small businesses, which is why we are especially excited to be able to offer Everyday Settlement.”
And it alos operates on Saturday, Sunday or even a public holiday and will give businesses far greater control over their money, improving cashflow and facilitating simpler reconciliation.
“Combined with our Core banking technology, businesses can also get real-time access to those settled funds, including the ability to accrue value for them over the weekend.”
This is not the only innovation CBA has announced of late, last week it launched Near Field Communications Kaching App for iPhone, meaning smartphones can pay for things by tap and swipe technology.
“We have been working hard to develop this technology for our customers and together with real-time banking, we are proud to give both businesses and consumers greater visibility and access to their money.”