Canadian Businesses now have an innovative new way to deposit cheques

Canadian Businesses now have an innovative new way to deposit cheques 
New online service launching today allows businesses to scan images of cheques 
and upload them for deposit 
TORONTO, March 3, 2014 /CNW/ - Today CIBC (TSX: CM) (NYSE: CM) is launching 
its innovative new "CIBC eDeposit for cheques" online service to Canadian 
businesses, making CIBC the first bank to deliver new technology that scans 
and deposits cheque images for businesses of all sizes. This means that 
Canadian businesses can now conveniently deposit multiple cheques to their 
account, in a single transaction, without ever leaving their office. 
The new service uses a special desktop cheque scanner to allow businesses to 
securely scan and upload cheque images to their account for deposit: 


        --  Businesses collect the cheques they have for deposit and scan
            them through the desktop cheque scanner
        --  Text recognition technology reads the cheque images and
            pre-populates deposit information, which is then used to make
            the deposit to the client's business account
        --  Duplicate detection technology prevents the accidental deposit
            of the same cheque twice
        --  Online reporting allows clients to view, save and export
            reports, helping them analyze their cheque deposits more
            closely to improve their cash management

This new solution addresses the needs of clients with more frequent or higher 
volume cheque deposits. CIBC was the first among the big 5 banks to pilot this 
technology in late 2013, and is now the first to roll out this innovative 
service nationally.

"This new online service gives businesses a revolutionary way to process and 
deposit the many cheques they receive every day" said Phil Griffiths, Senior 
Vice President, Global Transaction Banking, CIBC. "This puts our clients at 
the leading edge of innovation in Canadian banking, and we're excited to 
deliver this service that will help our clients save time and better manage 
their cash flow."

Business clients can leverage the new service to enhance cash flow by 
depositing cheques immediately after they receive them, rather than waiting to 
visit a branch or ABM. This gives businesses faster access to their working 
capital to meet outgoing cash flow needs.

"Delivering this new technology to clients is part of a broader shift towards 
innovations that leverage smartphones and online platforms to give businesses 
greater access to their banking," added Mr. Griffiths. "Having access to a 
dedicated relationship manager to help address your financial needs, coupled 
with innovations that allow businesses to better manage their cash flow and 
payments, is a powerful combination that can help businesses drive growth."

The new service builds on previous innovations that have been provided for 
CIBC's business clients in recent months. Last September, the bank introduced 
the CIBC Mobile Business App, the first of the big 5 Canadian banks to offer 
businesses account balance and transaction information, payment approvals and 
notifications on a mobile device.

CIBC is a leading North American financial institution with nearly 11 million 
personal banking and business clients. CIBC offers a full range of products 
and services through its comprehensive electronic banking network, branches 
and offices across Canada, and has offices in the United States and around the 
world. You can find other news releases and information about CIBC in our 
Media Centre on our corporate website at www.cibc.com.



SOURCE  CIBC 
Media contact: Caroline Van Hasselt, Director, External Communications  and 
Media Relations, 416-784-6699 orcaroline.vanhasselt@cibc.com 
To view this news release in HTML formatting, please use the following URL: 
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CO: Canadian Imperial Bank of Commerce
ST: Ontario
NI: FIN NP  
-0- Mar/03/2014 17:00 GMT
 
 
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