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CIB Business Online Products

​​​What is the CIB Business Online System?

We wanted to provide our customers with the ultimate digital solutions that would benefit their businesses and aid them to grow. CIB Business Online will be a convenient, secured and cost effective platform for trade and supply chain finance, cash, treasury and lending services.

 

What are CIB Business Online's Main Features?

  • One Portal: A friendlier single portal for four of our very important digital channels.
  • Cash Management Services: Online processing and monitoring of cash operations, transfers and account balances.
  • Trade Finance Services: Complete, review, submit and receive international trade transactions online.
  • Reporting: Instant running of all transactions on various formats to ensure spot reconciliation.
  • Supply Chain Finance Services: A platform that serves buyers and suppliers where suppliers are granted lending facilities (Receivables Finance & Invoice Discounting). 
  • Devices: Compatible with various devices that include desktop, laptop, mobile & tablets.  
  • Access to Corporate Internet Banking: Web-based portal that allows for 24/7 accessibility with high availability.
  • Real-time Update: Ongoing and real-time updates on transactions.
  • Robust Multi-Layer Security: Highest security standards that allow for multiple layers and include the use of OTP tokens.
  • Task Assigning Tool: Ability to assign specific transactions / tasks to certain users across different matrix levels.
  • Searching for Specific Account/ Beneficiary: Ease to search inside client own database among a big list of existing account numbers / beneficiary names.
  • System Integrations: Strong solid system integration with all CIB core banking systems to guarantee ease of processing transactions on spot.

 

Why CIB Business Online?

Manual TransactionsCurrent Cash Online &/or Trade OnlineCIB Business Online
Security
  • Your documents can be stolen or lost.
  • Low data confidentiality 
  • USB authentication token
  • High data confidentiality, as the data is guaranteed to only bypass the authorized layers within the company  
  • One time generated password authentication "OTP" guarantees applying the best and ultimate global security measures.
  • High data confidentiality, as the data is guaranteed to only bypass the authorized layers within the company  
Time Management 
  • High time-consumption due to physical delivery of your requests to the branches
  • Send your instructions from anywhere and at any time
  • Send your instructions from anywhere at any time and using any device.
Cost
  • Standard fees and charges
  • Automation of your manual transactions will guarantee you cheaper fees and charges
  • More manual transactions can now be digitized upon your registration at CIB Business Online to guarantee you even cheaper fees and charges. 

 

CASH MANAGEMENT SERVICES

• Consolidated banking position for the customer accounts outside CIB.
• Display the  transactions references (Debit/ Credit advice) and SWIFT confirmation for outgoing and incoming.
• Support content display in both English and Arabic.
• Extract the statement in different format ( Excel - CSV – PDF – MT940).
• View of corporate credit card accounts with the Bank along with additional details and card limits.
• The system will be sequence levels (Workflow).
• Ability to upload different types of payments file (salaries, payments, collections).
• Support initiation of recurring payments along with to frequency of reoccurrence.
• Allow customers to upload attachments in the fund transfer application.
•Allow user to upload bulk file with beneficiary details.
•Allow customers to initiate a Bank Draft/Payment Order request online, with support for foreign currency instruments.
•Ability to display the Collections and Receivables (cheques under collection, cheques collected, postdated cheques)included the outstanding , status and rejected reason.
•Initiate Direct Debit Transactions.
•The ability to execute FX deals (spot, forward FX contracts and swap contracts), treasury bills ,Euro bonds and derivatives.
•The ability to execute Shares Subscription requests.

 

TRADE SERVICES

Import Letter of Credit.. Now You Can..

•Request and receive a draft of the LC before issuing the final LC using the provisional LC feature.

•Initiate and amend a revolving LC.

•Submit an alternate applicant details if required – usually if your principal party is not your applicant.

•Receive a notification on bill arrival dates.

Export Collection.. Now You Can..

•Request to create a new export collection and receive the bank letter via Business Online from the office without having to visit the branch.

•Generate Bills of Exchange (BOE) during initiation or amendment of a transaction with details for drawer, drawee, amount, date, invoice details and payable details.

•Amend any approved transactions for date, amount or any terms of the original transaction using the new sub menu "Amendment".

Import Collection.. Now You Can..

•Use the data filled-in in application form versus previous free text to reduce human error and save a lot of time.

•Use new fields and enter details for maturity date, tenor period, tenor start and base date.

•Rely on the system to calculate maturity dates upon initiating transactions based on the type and base dates.

•Receive uploaded documents. 

Letters of Guarantee.. Now You Can..
Applicant Options

•Request and receive a draft of the LG before issuing the final LG using the provisional LG feature.

•Receive claim events – and have the option to accept or reject.

Beneficiary Options

•Cancel or amend events - pending actions displayed on the Action Required screen.

Forfeiting.. Now You Can..

•Provisional flow for stand-alone financing request.

•Requested amount - for a requested percentage (bank user has the option to edit the requested percentage before approval on TF).

 

Action Required
New option that allows for the receipt of feedback from the bank to the client with regards to the needed action to finalize the pending cases.

SUPPLY CHAIN FINANCE "SCF"

•SCF supports the liquidity and working capital needs of both buyers and suppliers.

•It enables CIB to provide its customers, whether buyers or suppliers, with a comprehensive range of solutions for open account payment assurance, early payment, risk mitigation and value added financing services.

 

Submit invoices and release early payments.

Invoices Discounting:

  Link CIB to your suppliers – where CIB can purchase your approved invoices from them at a discount before said invoices' maturity dates subject to CIB's obtaining the necessary internal approvals.

Financing Receivables: 

  If you are a supplier, you will now have the option to directly request financing your buyers' invoices (receivables) based on their credit quality and subject to your approved facilities from CIB.