Rapidtrans®

With Rapidtrans, your company can make deposits at any pre-determined Financial Institution in the country and receive value for the funds in your central account on the same day. And CIBC keeps you informed, every day of the way. You know exactly WHAT has been deposited by WHOM and WHEN. In fact, our Rapidtrans reports are considered the best in the business!

Why use Rapidtrans?

Make deposits at CIBC branches across Canada

You just select the CIBC branch that's most convenient for you-and 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.

It's time-consuming and expensive to transfer funds between your intra-company accounts. It's also unnecessary. With Rapidtrans, funds deposited across the country are transferred into your main account overnight. No more wires, no more waiting on internal mail, no more creating deposits yourself!
Make deposits at branches of other Canadian Financial Institutions

If there isn't a CIBC branch convenient to your depositors, your deposits can be accepted at branches of other Financial Institutions. And, as long as you provide us with the information, we'll include the deposit details in 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 greater control over your entire operation, even if you're far from some of your locations.

Rapidtrans reports reflect your organizational structure. They provide a daily snapshot of how each location is contributing to your cash flow.

What's the bottom line on Rapidtrans?

Rapidtrans saves you time by consolidating funds from across your organization. With a company total, your cash flow becomes easier to manage. Our clients also tell us our reports make their lives easier. Because our reports are broken down by location, it's easier to reconcile sales with deposits and to quickly identify exceptions.

Service Features

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 Canadian or U.S. dollars, although consolidation occurs with accounts of the same currency only
deposits accepted before 6:00 p.m. EST by CIBC branch personnel working under the current day's date, will be included in that day's deposit total
EFT deposits processed by CIBC by 7:00 p.m. EST 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. EST, the deposit will be included in that day's reporting
funds are consolidated every day, unless another period is specified
you assign a 15-character name identifying each deposit location on Rapidtrans reports. This makes it easier to match our reports to yours for reconciliation
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)

Client Support

Service Hours: 7:00 a.m. to 8:00 p.m., local time

Service Prerequisites

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

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.