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Canada Cancels Image-Based Check Clearing: Mission Accomplished?Published by: TowerGroup Published: Dec. 15, 2008 - 8 Pages Table of Contents
AbstractThe Canadian Payments Association's ambitious check imaging plan involved transitioning its paper payments industry to digital for clearing purposes on an aggressive schedule.Check processing operations having been consolidated at six regional exchange points across Canada many years ago, most paper checks are already delivered and exchanged during the evening of the day they are deposited. Universal adoption of image exchange would have provided benefits for handling returns, but it would have shortened the clearing cycle by only a few hours in most cases. Encouraging banks to deliver better electronic payments capabilities to corporates will accelerate the continuing shift to electronic payments while creating value for bank customers. Ultimately, in the view of its framers and constituents, the benefit of the Canadian Payments Association's mandatory initiative termed Truncation and Electronic Cheque Presentment (TECP) was not achievable within a set period of time. Get Full Details About This Report >> |
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