TORONTO, Feb. 18, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it is being recognized by Global Finance magazine as the Best Treasury and Cash Management Bank in Canada. This is the first time Global Finance has evaluated the Canadian market for cash management services. Among the criteria for the award was the bank's focus on client service and innovation.
Business clients at CIBC have benefited from a number of first to market innovations over the last few years, including:
- The ability to deposit cheques without leaving the office using the new CIBC eDeposit for cheques service. Using a special scanner, clients can scan a large number of cheques at once and upload the cheque images for immediate deposit.
- The option to deposit cash to their account while the cash is still in their store. The new eDeposit for cash service is a partnership with Brink's Canada and uses a special in-store safe and a secure connection to CIBC to credit clients for cash on hand, before it has even reached the bank for deposit.
- The introduction of CIBC Mobile Business, which allows clients to perform a range of cash management functions, including payment approvals, using their mobile device.
- The ability to accept debit and credit card payment on mobile devices, integrated with acceptance on websites and in-store POS.
- Continued investment in our online cash management platform, CIBC Cash Management Online® (CMO), with a focus on the features and services that are of most value to business clients.
"We have made a number of investments in our cash management solutions for clients to meet their needs today and build the modern, convenient services that our clients need to help grow their business tomorrow," says Phil Griffiths, Senior Vice President, Global Transaction Banking, CIBC. "We believe this recognition from Global Finance speaks to our client focus and the value our clients see in having their business banking relationship with CIBC."
Cash Management is Evolving in Canada
Managing cash flow has always been essential to Canadian businesses of all sizes. In recent years, new technologies and changing client demand has created an opportunity for banks to invest in innovative new services that take cash management to the next level.
"There's no question that effective cash management remains a critical issue for businesses in Canada and our clients are demanding solutions that meet their evolving payment needs," added Mr. Griffiths. "The demand for real time and mobile cash management solutions is higher than ever, and CIBC is actively investing in delivering these innovations to our clients first."
More information about the winners is available at GFMag.com
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with 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.
For further information:
Caroline Van Hasselt, Director, External Communications, 416-784-6699 or [email protected]