03 September 2015

Canada calls for feedback on cheque imaging rules

12 February 2013  |  1730 views  |  0 Source: Canadian Payments Association

According to the Canadian Payments Association (CPA), its new legal framework will soon standardize image exchange between Canadian financial institutions, and make it more efficient for financial institutions to offer Remote Deposit Capture services to their clients over multiple channels.

The CPA is preparing to implement a detailed framework of rules and standards that fully supports the electronic exchange of cheques and other paper payment items between Canada's deposit-taking financial institutions for the purposes of clearing and settlement.

Electronic Clearing Exchange (ECE) is a strong legal framework that marks the final milestone in the CPA's Image Rule Project, a multi-year effort to create opportunities for financial institutions to streamline operations, reduce costs and credit risk, and offer customers a broader range of image-based services. The choice to embrace and offer this new service to customers is proprietary to each institution.

The Association is publicly consulting on the draft ECE framework. "Our core business is the operation of our clearing and settlement systems; infrastructure that is critical to Canada's financial system," explains Ken Casey, CPA's Interim President and CEO. "But we also have a public policy mandate to take into account the needs of users."

Comments on the draft framework are welcomed until March 16, 2013. 

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
7937 views comments | 37 tweets | 15 linkedin
SunGard system glitch causes havoc for BNY...
7380 views comments | 14 tweets | 12 linkedin
Payments UK sets out vision for 'world cla...
6537 views comments | 17 tweets | 10 linkedin
HSBC glitch leaves thousands of customers...
5954 views comments | 13 tweets | 7 linkedin
Swedish mPOS firm iZettle raises EUR60m fo...
5833 views comments | 12 tweets | 8 linkedin

Featured job

to £90K base, double OTE, share options
London, UK

Find your next job