I recently observed that CBA has launched a 'invoice creating platform' through netbank. Similar to paypal, they can help you track customer payments and send reminders once you've issued your invoice through their platform.

I would not be surprised if they start developing rudimentary accounting systems on their business accounts for microbusiness eg expense categorisation, upload/storage of invoices (or perhaps electronic invoice straight from merchant). They already use optical readers to auto-populate payment information off a bill.

Summarising a previous forum post which I thought would be more relevant here for CBA, here are the opportunities for regaining merchant businesses and assisting micro businesses:

• Basic invoicing functionality
• Categorisation/management of expenses - maybe SaaS paid cloud storage for invoice document management (they already receive electronic invoices on your behalf from large utilities/comms providers
• Ability to offer BNPL to business (not just individuals)
• Ability to accept payments in all it's forms - foreign currencies, Crypto, perhaps Wechat Pay/Alipay in the future
• Integration of deals such as business insurance and loan applications
• Future: Maybe even management of electronic contracts through blockchain tech (eg House/Financing settlements/transfers)

Look out Xero, MYOB, Reckon ! The cheapest plan of the lot for these services is $25/mth last time I checked (without the timesheets and complex functions). Micro businesses will certainly take advantage of CBAs free invoice offering rather than using Paypal.

Observation: CBA offered removal of their monthly account keeping fee in favour of a 'pay per use over the counter transaction fee', leaving business customers who do most things online less disgruntled.

Observation: Through their startups thinktank, CBA has recently launched a retail deals app to capture a slice of the retail market. I'm not sure this will work but it's definitely a very interesting data capture opportunity for CBA!

As announced earlier this week, CBA is asking for a small community of users to trial their crypto platform. Then they will launch trading through their CBA app.

“In looking at ways that we can support our customers, we have made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track-record of serving large institutions. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs,” - Matt Comyn CEO CBA.

"As part of its approach CBA has also partnered with Chainalysis, a global leader in blockchain data and analytics to help compliance teams monitor and mitigate the threat of crime through crypto asset exchanges."

About Gemini

Gemini is a platform that allows customers to buy, sell, store, and earn cryptocurrencies like bitcoin, ether, and DeFi tokens. Gemini's simple, reliable, and secure products are built to empower the individual. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss. For more information, visit https://www.gemini.com.

About Chainalysis

Chainalysis is the blockchain data platform. They provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Chainalysis data powers investigation, compliance, and market intelligence software to allow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis aims to build trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.