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
"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.
Media contact: Caroline Van Hasselt, Director, External Communications and
Media Relations, 416-784-6699 email@example.com
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CO: Canadian Imperial Bank of Commerce
NI: FIN NP
-0- Mar/03/2014 17:00 GMT
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