Pay EDI

Pay EDI provides you with a facility for submitting EDI-formatted payment instructions to CIBC. The service also allows you to provide complete remittance details to your suppliers in the format suited to their needs. A complimentary service, Cheque-Mate will take EDI-formatted payment instructions and create and send a cheque to suppliers for whom you do not have banking information.

Why use Pay EDI

• Make your Accounts Payable process more efficient
  Using EDI Payments allows you to automate your Accounts Payable processes from purchasing straight through to payment. The often burdensome and expensive paper cheque creation processes are replaced with an electronic equivalent, minimizing your operating costs.
• It's flexible
  Advise your suppliers according to their capabilities. CIBC will send out remittance details in EDI format for your EDI-capable suppliers, or as a FAX for your non-EDI-capable payees. If you do not have banking information, we can even create a cheque and send it out on your behalf.
• CIBC has extensive experience in the development and implementation of EDI services
  CIBC has been providing financial EDI services since 1989 and was the first bank in Canada to process an EDI tax payment. CIBC partnered with IBM, a market leader in the Canadian Financial EDI marketplace, to completely re-engineer IBM's business processes for trade payments. CIBC supports all payment-related ANSI standard transaction sets currently in use in Canada.
• CIBC's EDI services are secure
  CIBC can offer two levels of security: Message Authentication (MACing) to validate that the message has not been changed while in transit and encryption to scramble the data during communications. You can use either one or both of these services.

What's the bottom line on Pay EDI?

PAY-EDI allows you to make your Accounts Payable process more efficient. CIBC is an experienced partner that will help ensure you realize all of the benefits EDI can offer.

Service Features

• end-to-end processing of EDI-formatted payment instructions:
• receipt of EDI-formatted payment instructions
• creation of required acknowledgments
• creation of accounting entries to debit CIBC accounts
• delivery of payments to other FIs when beneficiary banks with another institution
• creation of advices in either EDI or FAX formats
• processing of EDI tax payments to Revenue Canada
• processing of payments in both Canadian and U.S. dollars
• direct communication capability with both the IBM Global Network and with GEIS (General Electric Information Systems). Communication with other VAN's can be established via interconnect.
• payments warehouse that permits payments to be submitted up to 45 days in advance of Value Date
• EDI transactions that are delivered to CIBC's mailbox are retrieved and processed at the following times (ET) each business day:
  • 6:30 a.m., 8:00 a.m., 10:00 a.m., 12:00 p.m., 2:00 p.m., 3:00 p.m., 4:00 p.m.
  • any transactions arriving in the CIBC mailbox after 4:00 p.m. will be processed on the following business day. For payment instructions submitted in advance of the value date, cancellations can be processed by fax up to 3:00 p.m. on the business day prior to value date in accordance with CPA regulations.

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 call the CIBC Business Contact Centre at 1-888-947-7736.

Copyright® 2006 Canadian Imperial Bank of Commerce. All rights reserved.