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    SOURCE  CIBC  Media contact: Caroline Van Hasselt, Director, External Communications  and  Media Relations, 416-784-6699  To view this news release in HTML formatting, please use the following URL:  CO: Canadian Imperial Bank of Commerce ST: Ontario NI: FIN NP  
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