What
the New Cheque Standards Means to You
The changes to the new
CPA Standard 006 doesn't change how consumers or businesses write cheques.
Instead, it impacts how cheques are processed by financial institutions. By
enabling financial institutions to scan paper cheque and send images to
electronic processing, CPA Standard 006 creates more efficient ways of
processing cheques.
The CPA Board has decided not to proceed further with the Image-Based Clearing Initiative.
Purchase your CPA compliant cheques today!
How
NEBS is responding
Learn how the changes
in the CPA Image-Based Clearing Initiative will change your business cheques.
Tools
and Resources
For additional
information and materials to further understanding the CPA and CPA cheque
standards visit our tools and resources section
What the New Cheque Standards Means to
You
The changes to the new
CPA Standard 006 doesn't change how consumers or businesses write cheques.
Instead, it impacts how cheques are processed by financial institutions. By
enabling financial institutions to scan paper cheque and send images to
electronic processing, CPA Standard 006 creates more efficient ways of
processing cheques.
How will you benefit from these changes?
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Cheques
aren't going away. CPA Standard 006 supports the use of cheques by creating a
more efficient processing system. With a more streamlined process, cheques will
clear faster. A cheque could be posted in hours instead of days.
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CPA
Standard 006 will help financial institutions to more
quickly detect cheque fraud. |
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Customers won't have to wait for their bank
statements - on-line access to cheque images will permit
quick and easy reconciliation of bank accounts. |
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Customers will benefit from timely notification of
unpaid cheques and can commence collection action right
away. |
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Purchase your CPA compliant business cheques today!
CPA Board Decides Not to Proceed Further with
Image-Based Clearing Initiative
Following
a comprehensive review of the industry-wide image-based clearing project (also
known as Truncation and Electronic Cheque Presentment, or TECP), the CPA’s
Board of Directors has decided not to proceed further with this initiative.
The decision was reached after thorough analysis of the findings of the
industry-wide project review. During the review, it became clear that the
enhancements to efficiency that had been originally anticipated would not be
fully realized due to implementation delays and the ongoing evolution of the
marketplace towards electronic payments. This review also highlighted the
complexity of moving forward to industry-wide implementation, given the
extensive interdependencies among participants’ project plans.
In view of these factors, and the fact that the current cheque clearing system continues to serve both the industry and payment system users well, the Board concluded that not proceeding further with the image-based clearing project is in the best interest of Canada’s payments system.
The decision not to proceed impacts only the plan for cheque image exchange between financial institutions (FIs) for clearing purposes. Most FIs are well advanced in a broader transition to cheque images for other purposes, such as internal record retention and delivery to customers, and this transition is expected to continue. Since most FIs are now offering or plan to offer image-based services to their customers, most of the anticipated benefits of the image environment will be available for businesses and consumers.
As part of this broader industry transition to the image environment, all businesses should have completed the modifications to their cheques by September 2, 2008. The specifications published in the CPA’s Standard 006 in January 2005 support the capture of high-quality images for a range of purposes other than clearing.
How NEBS is responding
NEBS is currently complying and will continue to
comply with the mandate of cheque imaging changes as set out in Standard 006
January 2005. None of the mandatory cheque imaging standards has changed. Business cheques and personal cheques are still mandated to comply with
the new standards.
Purchase your CPA compliant business cheques today !
Tools & Related Links:
For a detailed overview, newsletters and resource documents
on the new cheque standards visit the Canadian Payments
Association website http://www.cdnpay.ca/.
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