CIBC announced a program with Brink's Canada that will allow business clients to deposit cash into their accounts and have access to funds before it leaves their store.
The new CIBC eDeposit for cash service works with a Brink's CompuSafe® to collect, count and report cash deposits made in a client's store. The balance is then reported to CIBC and electronically deposited into the client's business account. This gives clients access to funds in their account before the money has physically been brought to CIBC, and helps businesses meet day-to-day cash flow needs.
This innovative service brings a new level of convenience to clients using new technology from CIBC and Brink's:
- The cash is scanned and counted by an automated bill reader as it is being deposited into the safe
- Once daily, the total of cash deposited into the client's safe is reported securely to CIBC and added to their account balance
- At least weekly, Brink's picks up the cash and delivers it to CIBC for reconciliation
- Detailed reporting provides visibility of all cash inflows
"This innovation will improve cash flow for business owners by expediting the deposit process," said Phil Griffiths, SVP, Business Banking, CIBC. "Business owners can write a cheque against funds in their safe, knowing the money will be deposited into their account at the end of the day."
"The service is well suited to retailers who have a higher reliance on cash flow, including quick service restaurants, convenience stores and gas stations. These businesses will also see tangible benefits from being able to automate cash handling, reporting and the deposit processes," added Victor Goodman, SVP, Business Solutions, Brink's Canada.
This is another first for CIBC, which is the only major Canadian bank to offer this service. CIBC was also the first major Canadian bank to enable business clients to scan, upload and deposit their cheques electronically, when it launched CIBC eDeposit for cheques.
"Business clients want increased flexibility and convenience in their banking to save time and have faster access to their working capital to meet outgoing cash needs," added Mr. Griffiths.
CIBC eDeposit for cash will begin piloting later this month, and will be available nationally in late 2014.
