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
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
For further information:
Media contact: Caroline Van Hasselt, Director, External Communications and Media Relations, 416-784-6699 or firstname.lastname@example.org