TORONTO, Jan. 26, 2022 /CNW/ - CIBC has been named a winner of the BIG Innovation award by the Business Intelligence Group for the third year in a row. This annual awards program highlights the organizations, products and people around the world that are bringing new ideas to life in innovative ways.

CIBC received an Organization Award for its role in the Global Open Finance Challenge, a virtual event that invited innovators from around the world to develop ideas and solutions to better serve clients and help the public at large access banking services in new ways. The Challenge was centered on three themes: experience, convenience, and sustainability.

To support participants with the development of their solutions, CIBC co-developed a secure sandbox environment which featured a set of shared APIs (Application Programming Interfaces), including a combination of open banking, open finance and experimental services. The API Sandbox environment replicated a bank's existing infrastructure to enable rapid testing with third parties in a secure and safe environment; CIBC is the first bank in Canada to create this kind of system.

"Our clients' needs continue to evolve, and we continue to seek innovative solutions to better serve them," said Soeren Andreasen, Senior Vice-President, Enterprise Digital and Innovation Officer, CIBC. "This recognition acknowledges CIBC's commitment to collaboration and to building the future of banking."

In total, 91 teams from 19 countries competed in the Challenge, with four teams ultimately selected as winners.

About CIBC

CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

About Business Intelligence Group

The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. The organization's proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.

SOURCE CIBC