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Canadian Check Processing: Who Needs IRDs in the Quest for Image Exchange?

Published by: TowerGroup

Published: Feb. 19, 2007 - 12 Pages


Table of Contents



TowerGroup Take-Aways

Report Coverage

Background

Overview of the Canadian Banking System

Canadian Banking Structure

Exhibit 1 Banking Structures in Canada and the United States (2007)

The Canadian Payments Association

Canadian Payment Systems

Exhibit 2 ACSS Volume Distribution by Transaction Type (2001-06E)

Exhibit 3 ACSS Value Distribution by Transaction Type (2001-06E)

Check Clearing

Exhibit 4 Annual Check Usage by Major Check-Processing Country (2006E)

Check Image Exchange in Canada

Exhibit 5 Check Volume in the United States and Canada (2001-06E)

Comparison with the US Approach

Time Line for Truncation and Electronic Cheque Presentment

Exhibit 6 TECP Project Time Line (2003-09)

Standard Check Specifications

Anticipated Impact of TECP

Endpoint Reach

Check Processing

Implementation Risk

Disaster Recovery

Exposure to Declining Check Volumes

Lessons from US and Canadian Image Exchange Initiatives

Summary

Abstract

Like the United States, other countries with large check volumes are adopting image-based clearing. Payment system transformation is occurring in Canada with the Truncation and Electronic Cheque Presentment (TECP) initiative. This TowerGroup Research Note explores the composition and governance of Canadian check processing systems and the complete migration to image-based clearing. It provides an understanding of the Canadian initiative, describes how it differs from the US model, and explains why TowerGroup believes that the Canadian check processing business will ultimately be more effective in eradicating paper checks than its US counterpart.

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