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CIBC Expanding Innovative EDeposit Service For Business Clients

Stocks in this article: CM

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.

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