Commonwealth Bank delivers CommBiz - its new online business banking channel

14 December 2006

The Commonwealth Bank has announced the delivery of a new online banking channel for business, corporate and institutional customers.

The delivery of CommBiz comes less than nine months after Commonwealth Bank CEO Ralph Norris identified business banking as one of four key priorities for the bank.

Stuart Grimshaw, Group Executive - Premium Business Services, said "We are committed to enhancing our position in business banking and CommBiz is just one initiative aimed at improving the service to our business customers."

"Given the growing importance of the internet in business, CommBiz is a well-timed and much needed service that adds value to business customer needs."

Mr Grimshaw said CommBiz is suitable for small business customers, right through to institutional banking clients.

"The three key benefits of CommBiz are it is online, in real-time and secure."

Commonwealth Bank business customers can use CommBiz to pay staff and suppliers, transfer funds between accounts, manage payables and receivables and check real-time balances.

Leslie Martin, Executive General Manager - Banking Products, said CommBiz is an extremely user-friendly finance tool that will allow businesses to transact easier, faster and safer than before.

"Customers are able to access CommBiz 24 hours a day, 7 days a week from anywhere in the world. Its two-factor authentication security includes a personal security token that issues a unique password every 30 seconds which is required to complete transactions safely and securely."

CommBiz will replace the bank’s existing QuickLine and Diammond services introduced in the mid 1990s.

"A lot has changed over the last 10 years and we’ve needed a capability that fits with the way our customers do business. CommBiz gives us flexibility that Diammond and QuickLine were missing." said Ms Martin.

"We have rigorously developed CommBiz to ensure it offers a world-class service that will meet and, where possible, exceed our customers’ requirements. It has been benchmarked against some of the best international internet banking sites in the world and we are extremely satisfied with the performance of CommBiz."

CommBiz was piloted internally before release to 1000 of the bank’s QuickLine and Diammond customers in November.

"We are in the process of migrating QuickLine and Diammond customers across to CommBiz and that process will continue throughout 2007. Customer feedback so far has been positive," said Ms Martin.

Mr Grimshaw said the Bank was delighted to finally see CommBiz come to fruition.

"It’s a great step forward in delivering an improved service to our business banking customers."


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For further information please contact:

Bryan Fitzgerald
General Manager, Media and Issues Management
Commonwealth Bank
Phone: (02) 9378 2663
Mob: 0414 789 649