This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

CIBC Expanding Innovative EDeposit Service For Business Clients

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,190.22 -98.41 -0.54%
S&P 500 2,106.65 -10.74 -0.51%
NASDAQ 4,976.3340 -31.7620 -0.63%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs