New service will allow businesses to deposit multiple cheques simply by using a scanner in their office
TORONTO, Dec. 12, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM), the first among the big 5 Canadian banks to introduce remote cheque deposit technology on a mobile phone for personal and small business clients, is now the first bank to successfully pilot an online version of its eDeposit solution for businesses with larger cheque volumes.
The new service will allow business clients who receive multiple cheques to quickly scan, securely upload and deposit them in a single transaction, using a desktop cheque scanner and CIBC's online eDeposit application.
"Giving our business clients the opportunity to deposit a large volume of cheques simply by scanning them in their office delivers unparalleled convenience," said Phil Griffiths, Senior Vice President, Global Transaction Banking, CIBC. "We're excited to announce that we're already piloting this new technology and client feedback has been overwhelmingly positive. We plan to launch this innovative cheque deposit service nationally next year."
G4S Cash Solutions is participating in the pilot, and is already seeing the benefits of this new cheque deposit technology.
"We receive a high volume of cheques each day, and the CIBC online application allowed our staff to deposit them in just a few minutes," said Hanif Ladha, VP Finance, G4S Cash Solutions (Canada) Ltd. "The service has revolutionized the way we deposit our cheques and will significantly reduce our costs and overall cheque processing cycle."
eDeposit Supports Improved Cash Flow for Businesses
Business clients can leverage the new service to better manage cash flow by depositing cheques immediately after they receive them, rather than waiting to visit a branch or ABM to make a deposit. This gives businesses faster access to their working capital to meet outgoing cash flow needs.
The online eDeposit service will be more suitable to businesses that deposit a higher volume of cheques and offers businesses the flexibility to choose from a variety of low and high speed scanners.
"Businesses are looking for more innovative solutions to make banking more convenient for them," said Mr. Griffiths. "Allowing business clients to deposit cheque images that they can scan in their office is a significant step forward in the client experience."
The new service will add to other innovations that have already been delivered for CIBC's business clients in recent months. In 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.
The online eDeposit solution is expected to roll out nationally in early 2014.
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 Press Centre on our corporate website at www.cibc.com.
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