Canada: CIBC m-banking allows deposit cheques with phone

Friday 29 November 2013 09:53 CET | News

Financial institution Canadian Imperial Bank of Commerce (CIBC) has launched a mobile banking application as an extension of its suite of mobile banking services with eDeposit, a solution which lets personal and small business customers in Canada to deposit cheques to their CIBC account by taking a photo of the cheque with their mobile device.

The CIBC eDeposit requires customers to open the CIBC mobile banking application, select the eDeposit feature, take a picture of the front and back of the cheque, select the account to receive the deposit and enter the amount of the cheque, tap submit, wait for confirmation, and then mark the paper cheque as paid, retain the cheque for 5 days, and then destroy it.

In recent news, Payfirma, a Canadian mobile payment processing technology company, has entered an agreement with CIBC.

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Keywords: Canada, CIBC, m-banking, deposit cheques with phone, eDeposit
Categories: Payments & Commerce
Countries: World
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