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CIBC to accept scans of cheques
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.