New Canadian Payments Standards: What They Mean to You

Question:

With the Canadian Payments Association allowing checks to be cleared electronically, our organization has several concerns about our check processing going forward. How will this new system affect our branches and more importantly our customers?

Answer:

The Canadian Payments Association (CPA) and its member financial institutions will indeed be implementing a new check processing system using image technology. The industry-wide initiative will require checks to be altered to meet the new standards to allow imaging of all checks, by January 1, 2007. This means that all bank customers are beginning to receive notification that their checks need to be replaced.

Vendor:

Source Technologies