A statement from the bank said Wiise would help small and medium enterprises to combine accounting, payroll and banking, plus human resources, inventory and manufacturing. It will have to compete for business with two big players: Xero and MYOB.
Wiise will integrate with CBA's invoicing platform CommBank Simplify and the bank's data feeds. Users will also be able to inquire and apply for some specialised business banking products using the solution.
The statement said Wiise would be a standalone venture based at Stone & Chalk’s Sydney fintech hub.
Microsoft Australia managing director Steve Worrall said: “As businesses mature, they experience the inevitable 'growing pains' and complexity that come with growth.
"The technology solutions that served them well when they first started out are no longer fit for purpose and they just want a solution that makes their business simpler to run and faster to grow but without the complexity of deploying large, expensive enterprise resource planning solutions."
James Hunter, national managing partner, Markets & Growth, KPMG Australia, said: "“The idea for Wiise was sparked by our acquisition of Microsoft systems implementer, Hands-On Systems.
"It opened our eyes to a gap in the market between existing cloud accounting software providers to SMEs and enterprise-scale ERP solutions.
"By collaborating with market leaders, CBA and Microsoft, we have been able to develop an affordable single platform to unite SMB’s accounting, financial and business needs.”
Wiise will be sold through a number of partners and also directly and also made available to CBA customers through NetBank and Commbiz.