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Friday, July 25, 2025

CIBC to accept scans of cheques

by

20140305

In what could be a ma­jor par­a­digm shift for the bank­ing in­dus­try, the par­ent com­pa­ny of CIBC First­Caribbean In­ter­na­tion­al Bank, the Cana­di­an Im­pe­r­i­al Bank of Com­merce (CIBC), in­tro­duced a new way to de­posit cheques in Cana­da."New on­line ser­vice launch­ing to­day al­lows busi­ness­es to scan im­ages of cheques and up­load them for de­posit," the com­pa­ny said in an an­nounce­ment Mon­day on the stock ex­changes where it trades.

Du­al­ly list­ed on the Toron­to (TSX) and New York (NYSE) stock ex­changes, CIBC said it "launched 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 analyse 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 five banks to pi­lot this tech­nol­o­gy in late 2013, and is now the first to roll out this in­no­v­a­tive ser­vice na­tion­al­ly," the Cana­di­an head of­fice said.

"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 for glob­al trans­ac­tion bank­ing at 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 au­to­mat­ic teller ma­chine (ATM). This gives busi­ness­es faster ac­cess to their work­ing cap­i­tal to meet out­go­ing cash flow needs, the bank said."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 Grif­fiths.

The new ser­vice builds on pre­vi­ous in­no­va­tions for CIBC's busi­ness clients.


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