The Electronic Check Placement (ECP)

IntroductionPast twenty years, people have witnessed the prosperity of the finance and chamfer industry due to the deregulation of governments and much innovative products in the markets. However, even though more and more people instanter use electronic methods such as online banking, credit card, line card, pre-approval retribution, and pre-authorized debit to pay their bills, the check still plays an important constituent reference in Canada?s payment governing carcass especially in business-to-business transaction. According to statistics data collected by Canadian earnings Association (CPA), in 2004, 24.04% payment in volume, and 69.67% payment in value are still conducted in the paper draw through the Automatic Clearing extermination System in Canada. Currently, checks are figure outed and cleared in our payment clay by organism physically collected, encoded, sorted, placed, and archived in financial institutions, sixsome regional dish outing centers, compani es, and individuals, which is characterized by being inefficient, incurring bluster loss for depositors, being difficult to learn check fraudulency, and being vulnerable to bad weather and airdrome security incident. Addressing the insufficiency of our current paper-based payment system, Canadian defrayment Association, a not-for-profit acquaintance managing Canada?s national clearing and resolving system, is leading an industry-wide start to adopt an innovative clearing process based on check images.

Formerly referred to as ? truncation and Electronic check Placement? (ECP), the sunrise(prenominal) clearing process will change financial institutions, corporations, and individual s to benefit from more efficiency, more conv! enience, improved node service, and reduced cost. The key of success of the new processing system relies on the cooperation among financial institutions, corporation, processing equipment and software package providers, and consumers. Due to difficulties associated with changing individuals? paying habits and the time spent on educating consumers, we cannot forecast a checkless society in the near future. Therefore, ECP provides a best support to our current paper based payment system. How Checks Are Processed... If you regard to get a full essay, sight it on our website: OrderEssay.net

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