Commonwealth Bank of Australia (CBA) has announced a suite of new products, services and features for its business customers. The bank's Group Executive Business Banking, Mike Vacy-Lyle, emphasised CBA's commitment to developing innovative products that cater to more of their customers' needs. The bank is expanding CommBank Yello, one of Australia’s largest customer recognition programs, to small and medium businesses. The program, which provides special offers, discounts and other provider benefits, was launched in 2023 and delivers around $400m of value to CommBank retail customers each year.

"As Australia’s leading business bank, we are committed to developing innovative products that do more for our customers, meet more of their needs, and provide that single, holistic experience to eliminate confusion and complexity from their banking,” said Vacy-Lyle.

The new Flexi Business Investment Account allows businesses to withdraw up to 20% of their term deposit at any time without interest adjustment or fees. The account requires a minimum balance of $5,000, with three-, six-, nine- or twelve-month terms available.

"Many businesses hold cash for lump sum payments for specific periods of time, such as covering tax payments at the end of financial year, or to have aside to manage unexpected costs. We know businesses want to maximise interest on the cash they may be holding but at the same time they want the peace of mind to make withdrawals when needed, and the new Flexi Business Investment Account allows them to do just that. It means business owners can earn competitive interest on funds without the typical restrictions on withdrawals,” Vacy-Lyle explained.

CBA is also launching CommBank Smart Health for Pharmacies, an omni-channel solution developed in collaboration with Scrypt Ventures, to transform the payments experience for patients and pharmacy providers. Smart Health for Pharmacies integrates the Scrypt.Pay mobile app for remote customer payments with the Smart Health in-store terminal solution. The solution is set to launch in the first quarter of FY25, following an 18-month pilot by 22 pharmacies across Australia.

"CommBank Health was established to identify unique opportunities to leverage our technology and work with industry leading vendors to build solutions for Australia’s healthcare industry. We want to ensure the healthcare sector is supported by innovative payments solutions and today’s announcement is part of our continued efforts to deliver Australia’s best-in-class digital experience for the healthcare sector and its consumers,” Vacy-Lyle said.

"Smart Health for Pharmacies makes it easier for patients to access prescriptions and goods when they need to, in a way that is quick and convenient. It also makes the process of remote payments safer, more efficient and streamlined, giving pharmacists more time back in their day to spend with patients,” he added.

Lloyd Smith, Scrypt Founder and CEO, also expressed his enthusiasm for the collaboration with CBA, stating, "Collaborating with Commonwealth Bank to bring this solution to market has not only streamlined transactions but also enhanced the customer experience and empowered our pharmacy partners. We've witnessed firsthand the positive impact it has had on both sides of the counter, improving efficiency and convenience for all involved and we look forward to continuing to innovate and serve our customers and partners with cutting-edge technology.”