Pioneering digital and financial innovations in the local market, Commercial Bank has launched the Digital Cheque Deposit service, an innovation that allows customers to process Commercial Bank cheques via the Bank’s mobile application.
The service can be accessed via Commercial Bank’s mobile app, which works across iOS and Android devices. The beneficiary who wishes to deposit their cheque has to scan the front and back of the cheque using CB mobile app. After selecting the account, the beneficiary wishes to credit the amount into, an SMS will be sent to the issuer’s registered mobile number to approve the request. This service will be applicable only for Commercial Bank cheques; both issuer and beneficiary have to be Commercial Bank account owners. The maximum clearing amount will initially be set at QR7,500 per cheque per day, and no more than QR25,000 in one month.
In a statement, Amit Sah, EGM, Head of Retail Banking at Commercial Bank, said: “We take pride in leading the industry with innovation and digital solutions that makes our customers’ lives easier. We are working towards a cashless society, where everything can be done digitally, by the customers themselves, with high levels of security and an unparalleled speed of processing. The vast number of secure payment methods we offer will soon make the reliance on cheques a thing of the past”.
