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Canada's Image Rule Project

The CPA (Canadian Payments Association) has been implementing a multi-phase project, the Image Rule Project, to make cheque clearing faster, cheaper and better. Sound familiar? Here's what has been done so far:
2010 - Technical standards were established for cheque images
2011 - Return Replacement Documents (RRDs) give banks the option of creating and using these image-based documents for returns
2012 - Clearing Replacement Documents (CRDs) give banks the option of replacing a paper cheque with an electronic image for clearing
Interestingly, in 2008, Canada had abandoned their previous image-based clearing initiative, known as Truncation and Electronic Cheque Presentment (TECP).

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