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City National Bank offers new online and mobile business banking system

City National Bank has introduced its latest offering, a new online and mobile business banking technology, Book2Bank, which connects accounting systems like QuickBooks to automate and simplify payment activities.

Developed to resolve the financial challenges for small and mid-size businesses, the new solution enables a business owner to easily manage invoices, generate electronic payments and streamline the payment approval process.

The bank has developed the new technology in collaboration with MineralTree, a Cambridge, Massachusetts based firm that delivers online payment solutions to the financial services industry.

City National Bank treasury services executive vice president and manager James Daley said, "City National Book2Bank streamlines and secures the payment process, improves controls and gives our clients the simple, intuitive experience they expect."

Contrary to the current online business payment systems designed for either individual consumers or large corporations, the Book2Bank synchronizes automatically with QuickBooks, simplifying payment processes and eliminating the need to enter information more than once.

The technology also allows clients to select from electronic payments or automated cheque processing, to review and approve payments on a PC or iPad and to lock down architecture and available segregation of duties virtually eliminates the risk of online fraud.

City National Bank offers banking, investment and trust services through 78 offices, including 16 full-service regional centers.