Rapidtrans®

Rapditrans® allows you to make deposits at any pre-determined financial institution in Canada and receive value for the funds in your central account on the same day.

CIBC keeps you informed of exactly what has been deposited, by whom and when. In fact, our Rapidtrans reports are considered the best in the business!

Rapidtrans® could be for you if you:

need to transfer funds between your intra-company accounts in Canada
need the flexibility and convenience of depositing at any CIBC branch across Canada
want the option of depositing to a pre-determined financial institution and receiving same-day value for the funds in your central account within Canada
need reporting on balance and transaction information on your accounts.

Rapidtrans® Key Benefits:

Make deposits at CIBC branches across Canada

you just select the CIBC branch that's most convenient for you
we'll make sure the branch is ready to take your deposit and that the funds are transferred to your central account overnight

Eliminate the manual transfer of funds between your company's accounts

if there isn't a CIBC branch convenient to your depositors, your deposits can be accepted at branches of other financial institutions
we can include customized information in the deposit details of your Rapidtrans reports

Save time reconciling sales to deposits

Rapidtrans makes it easier to match sales results to deposits
Rapidtrans reports are flexible and easy to read
your daily report shows details for the deposits made by each of your locations, so you can keep on top of results, and you can deal quickly with any exceptions

Maintain control over your entire operation, even if you're far from home

Rapidtrans reports reflect your organizational structure

Information you need to know:

Report Format Options

to receive your Rapidtrans reports as electronic files, you must use CIBC's File Transfer Service reporting or CIBC Business Banking® service
copies of the Rapidtrans report file layout are available from our Business Contact Centre

Optional Features Available:

Deposit Options – CIBC Branches Across Canada

deposits can be made at any pre-determined CIBC branch in Canada
there is no limit to the number of branches that can be used for making deposits
deposits can be made in either Canadian or U.S. dollars, however the currencies cannot be intermingled. Canadian deposits must be made to Canadian Accounts and U.S. dollar deposits to US Accounts.
deposits accepted before 6:00 p.m. eastern time by CIBC branch personnel working under the current day's date will be included in that day's deposit total

Deposit Options – Financial Institutions other than CIBC

EFT deposits processed by CIBC by 7:00 p.m. eastern time will receive same-day credit
if a CIBC branch is not convenient to your depositors, pre-determined branches of other financial institutions can be used
when deposits are made at financial institutions other than CIBC, customers must provide deposit details to CIBC using an Interactive Voice Response system designed for Rapidtrans reporting
if details are provided before 6:00 p.m. eastern time, the deposit will be included in that day's reporting
funds are consolidated every day, unless another period is specified

Daily Reports

a Deposit Detail report, showing the amount of each deposit by deposit location, is available every day
a Recapitulation Report, summarizing deposit activity by location, is available at the end of the recapitulation period you select (weekly, bi-weekly, monthly or on specific dates)
up to four copies of paper reports can be delivered to the CIBC branch of your choice or sent to your office
reports can be delivered electronically to a range of hardware configurations

Rapidtrans Interactive Voice Response (IVR) Instructions (40 KB)

The above is intended to be only a general description of this product and its features. CIBC reserves the right to change or discontinue this product or any of its features at any time. This product and its features shall be subject to the terms and conditions of the applicable agreement governing its use.

For further information, please contact your CIBC representative or get in touch with us directly at 1-888-947-7736.