Canadian Businesses now have an innovative new way to deposit cheques

PR Newswire

New online service launching today allows businesses to scan images of cheques and upload them for deposit

TORONTO, March 3, 2014 /CNW/ - Today CIBC (CM.TO) (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.

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