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CBA makes it easier for businesses over Easter

CBA makes it easier for businesses over Easter

(30 March 2012 – Australia) Commonwealth Bank of Australia (CBA) merchant bank customers can now benefit from faster access to their money, as the bank provides businesses with same day access to nearly A$10 billion. Everyday Settlement has been successfully introduced to over 100,000 merchants who now get same day access to their funds, seven days a week, 365 days a year.

Everyday Settlement ensures that funds processed through merchant terminals are deposited in a business’ linked Commonwealth Bank transaction account by midnight same day, every day. This gives businesses far greater access and control of their money, enabling them to make use of their money without having to wait until a weekend or public holiday is over.

Over extended breaks like Easter, that means CBA merchant customers will receive their funds on each day of the holidays, and not have to wait until the following Wednesday morning to receive their funds as occurs with most other banks.

CBA executive general manager of Business Products & Development, Kelly Bayer said Everyday Settlement is helping solve a crucial cash flow issue for Australian businesses and bringing with it a host of added benefits.

"We are getting funds into a business’ hands the day they earn it, which is a benefit we’d like to offer to the thousands of other businesses across Australia continuing to be left out of pocket and forced by other financial institutions to wait for access to their money," said Ms Bayer.

"We know that businesses are frustrated with payment systems; independent research we commissioned showed that over 60 percent of businesses said it was an issue not being able to access their weekend trading funds until the following Monday or Tuesday."

"The fact that around A$187 million will now be credited direct to Commonwealth Bank businesses every weekend, as a result of Everyday Settlement, is a huge step in the right direction. In addition, we are allowing our business customers to benefit from improved cash flow, faster reconciliation and supplier discounts as a result of them being able to make quicker payments."
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