Commercial Bank of Dubai launches e-Invoicing solution
In line with Commercial Bank of Dubai’s strategy to be default digital, the bank recently announced the launch of e-invoicing solution for its corporate, commercial and SME customers, which will enable both suppliers and buyers to process and execute invoices in a straight through manner, without having to submit invoices manually.
Invoices can be submitted through an e-Invoicing platform, with both parties able to review invoice and its payment status at any time. The platform allows buyers to on-board its suppliers in a bulk and generates 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 wholesale banking customers. 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 errors and operational costs.”
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 Payments Bank in the UAE” and “Best ERP Integration Application in 2019 from The Asian Bankers, “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, “Best Payments Bank in the UAE” and “Best ERP integration Application” in 2019, by The Asian Banker and the “Best Online Cash Management Award” by Global Finance.