Canadian cheques get a makeover.
The current clearing process involves about five million cheques being transported between financial institutions every business day. The CPA is leading an industry-wide initiative to make this process more efficient by capturing images of cheques so that they can be cleared electronically. Implementation of the new clearing process should begin in late 2006.
A new version of the Canadian standard for cheque formats and printing specifications has been released in preparation for this change.
"Standardizing key elements of cheques is an integral part of moving to image-based clearing," said CPA president and CEO Guy Legault. "And the benefits aren't limited to the clearing system. Businesses and consumers will see new image-based services that will allow easier account reconciliation, more convenient and efficient record-keeping, and quick access through online banking services to verify cheque details."
All Canadian business cheques should conform with the new specifications as outlined in the standard (CPA Standard 006, Part A) by December 31, 2006.
For more information visit www.cdnpay.ca.
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|Title Annotation:||New and noteworthy information you can use|
|Date:||Mar 1, 2005|
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|Digitize this: approximately 5 million cheques are moved between Canadian financial institutions every single day. That's a lot of paper. The...|