In line with Commercial Bank of Dubai’s strategy to be default digital, the bank recently announced the launch of its unique e-invoicing solution which enables straight-through processing of invoice presentment and payment initiation by allowing billers to submit invoices to payers through a single online channel, with both parties able to review invoice status at any time, manage disputes online and receive or generate a full audit trail of the transaction.
Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said, “We are proud to be one of the first banks in the UAE to offer such a solution to our corporate clients. CBD is continuously looking for ways to support its clients by bringing solutions that address their strategic requirements. With these new developments, we seek to demonstrate the strength of CBD’s commitment to its clients and strive towards our goal of becoming default digital.”
Amol Bahuguna, Head of Payments and Cash Management, Commercial Bank of Dubai, said, “We are pleased to add the e-Invoicing solution to CBD’s ever growing suite of innovative payments and cash management products and services for our corporate, commercial and SME customers. CBD’s e-Invoicing solution is best suited for businesses with large supplier base and allows them to process their payments through just one fully integrated platform. Automating the invoicing process also reduces the chance of errors and dramatically decreases invoice settlement time, while significantly improving business cash flow.”
Commercial Bank of Dubai is recognized as one of the leading banks in the UAE in cash management solutions and has always been at the forefront in bringing banking innovations to the market. CBD was recognized with the “Best Cash Management Bank Award in the UAE for 2019”from Global Banking and Finance Review, “Excellence in Payments” by the Finnovex Awards, “Best Cash Management in the UAE” Award, by Banker Middle East in 2017, 2018 and 2019, and the “Best Online Cash Management Award” by Global Finance.