Commbiz mobile app – How it works for your business

As one of Australia's big four banks, the Commonwealth Bank or Commbank for short, is well known for offering its banking customers a variety of financial products that suit wide-ranging needs.

For business owners in particular, having the ability to manage their finances wherever they are is possible with Commbank through the Commbiz app. We’ll introduce you to what exactly this service is and how it works.

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What is the Commbiz mobile app?

The Commbiz mobile app is an optional service that Commbiz clients can use to manage and view some of their business transactions using a mobile device or tablet. The app is an extension of an active Commbiz account where users access the desktop version of their accounts online.¹

How does Commbiz mobile app work

The Commbiz app only works for those who have an active Commbiz business account and voluntarily opt in to use the app. Administrators of this account have control over who can access the Commbiz app through the Commbiz platform including allocating users¹

Features of the Commbiz mobile app

Once set up administrator has opted in for the app, all users will be able to²:

• View account balances
• Authorise certain payments
• Make transfers between other linked accounts

The Commbiz mobile app also has the following features built in.

1. Real-time insights¹

CommBiz customers are able to manage your CommBiz push notifications to have round the clock updates of your balances and transactions for up to 20 accounts or latest 100 transactions in 30 days.

2. Payments on the Go¹

This feature allows customers to easily transfer between accounts or to contacts set up in their own app address book. Transactions can also be reviewed for approval before they clear.

3. Added Security Protections¹

All sessions through the app are authenticated with encryption, with the added options of setting up multi-factor authentication and user access controls. The Commbiz app also is made secure using Netlock security technology that

4. Foreign Exchange (FX) Trading¹

This feature is only available to business owners that are eligible to add CommBiz Markets Foreign Exchange or Global Trade capabilities to their account. In general, this feature will allow them to:

• View FX trades
• Settle FX trades
• Approve or reject settlements

On top of this, Commbiz customers will be able to make foreign currency transfers and transact using foreign currency accounts through their Commbiz desktop account.³

Is Commbiz mobile app the same as Netbank?

Netbank and the Commbiz mobile app are completely separate services linked with business types who have differing needs. We’ll briefly break down the differences below.

NetBank⁴

Netbank is an online platform that is targeted towards small business owners who do not require extra users to access their finances. Netbank can be used through the Commbank app where both personal and business accounts can be managed in the one place.

Commbiz Mobile app⁴

The Commbiz mobile app is exclusively tied to Commbiz clients who require a business platform that can be accessed and managed by multiple users. Commbiz clients get more security features incorporated with the account including a physical security token for access and no limits on transactions.

What type of account can you connect to the app

The Commbiz mobile app will have access to any accounts that have been added and approved by Commbank. These accounts are added to the main Commbiz account by the administrator.⁵

How to connect your account to the Commbiz mobile app

To access your Commbiz account via the mobile app, the allocated administrator of the Commbiz account will need to fill in an online form and follow some instructions.¹

Once activated, an administrator will then need to¹:

• Enter the Netcode to secure the app
• Authorise all other users who can access the Commbiz app
• Allocate what transactions and balances each user can see and facilitate

All users that are authorised on the account will need to download the Commbiz mobile app, either from Google Play or the App store. Each user can register up to 4 devices.

Is it safe and secure?

Yes, the Commbiz app is safe and secure. The app itself utilises the same Netlock security technology as the Commbiz desktop platform. Netlock is a USB device that secures the connection when the Commbiz platform is being accessed. It is used alongside security tokens given to all Commbiz customers upon sign up. There is also a 100% security guarantee which protects losses from unauthorised transactions. Despite these safeguards, Users will still have to take care however on who has access to their mobile devices.⁶

What else do you need to know?

One key thing to know is that the push notification feature is only available on IOS devices at this time.¹

Contacting Commbank business

If you need to contact Commbank in regard to Commbiz account, you can:

• Call 13 2339 from within Australia
• Call 61 2 9999 3283 from overseas

If you already have an account, you will need to reach out to your Commbank Business Relationship Manager.

Wise Business

The Wise Business account lets you make international transfers in over 40 currencies to 80 countries. Each transfer has a small upfront fee and is made using the transparent mid-market rate as you’d see on Google.

You also get local account details in 10 major currencies, including AUD.

Find out if Wise can help your business save money today.

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