CIBC launches new online cheque deposit service in Canada

The Canadian Imperial Bank of Commerce (CIBC) has launched a new service, CIBC eDeposit for cheques, which allows businesses to scan and deposit cheque images online.

The Canadian Imperial Bank of Commerce (CIBC) has launched a new service, CIBC eDeposit for cheques, which allows businesses to scan and deposit cheque images online.

CIBC eDeposit for cheques service uses a special desktop cheque scanner for scanning and uploading images to accounts for deposit.

The scanner features text recognition technology that reads the cheque images and pre-populates deposit information before making the deposit to client’s account. It also features duplicate detection technology that prevents deposit of the same cheque twice.

With the launch of eDeposit for cheques, CIBC becomes the first bank to roll out the service nationally.

CIBC global transaction banking senior vice president, Phil Griffiths, said this new online service gives businesses a revolutionary way to process and deposit the many cheques they receive every day.

"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," Griffiths added.

"Having access to a dedicated relationship manager to help address your financial needs, coupled with innovations that allow businesses to better manage their cash flow and payments, is a powerful combination that can help businesses drive growth."