Canadian legislation, similar to Check 21, clears the way for remote deposit capture and image exchange. The Canadian Payments Association (CPA), has wrapped up a four-phased program called the Image Rule Project to establish new rules and standards.
Prior to the new legislation, even businesses with remittance processing systems that create image-based deposit files still had to manually out sort Canadian checks and physically deliver them to the bank. Now they will be able to send Canadian drawn check images for clearing through an international correspondent. The forward collection process will be faster and more efficient. The return item process will be faster too, reducing losses from bad checks.
RP Solutions can help billers, banks and lockbox service providers take advantage of this new legislation. We can customize your ExpertRPS system to export image deposit files in CPA standard format. Alternatively, you may send your image deposit files to our Payment Gateway for CPA reformatting and delivery to your chosen bank(s).