To speed up businesses’ access to funds from their merchant terminals, Commonwealth Bank has introduced Everyday Settlement.

The service will allow late trading businesses, including those on weekends, transactions processed up to as late as 10.00pm AEST settled into a customer’s account by midnight the same day.

Commonwealth Bank data reveals that on average, approximately $332 million goes through merchant terminals every weekend, equating to around 4.7 million transactions. Traditionally, the funds from a weekend’s taking could not be accessed until the following Tuesday.

According to Kelly Bayer Rosmarin, executive general manager of business products and development at the Commonwealth Bank, said not being able to settle accounts every day of the week is often a frustration of many businesses.

“Through this new service, the money a business makes today will go into their account that same day, no matter if it is a Saturday, Sunday or even a public holiday,” she said.

“Everyday Settlement will give businesses far greater control over their money, improving cashflow and facilitating simpler reconciliation. Combined with our Core banking technology, businesses can also get real-time access to those settled funds, including the ability to accrue value for them over the weekend.”

With no weekend cash flow gaps, merchants will be able transfer cash around their business with far greater speed, making it easier to pay both staff and suppliers. Businesses will also benefit from an easier daily reconciliation process, with transactions for weekends and public holidays no longer lumped together in a single day at the start of the following week.

“Suppliers often ask for tight turnarounds when it comes to paying for goods and services and with Everyday Settlement, businesses will now have funds accessible daily to complete these orders,” Rosmarin said.

“We have been working hard to develop this technology for our customers and together with real-time banking, we are proud to give both businesses and consumers greater visibility and access to their money.”