What will happen if some cheques do not fully comply with the new specifications when the new image-based clearing process is implemented?
In providing an extended transition period since the publication of the new cheque specifications in January 2005, the CPA and its members expect that the vast majority of cheques will comply with Standard 006 by September 2, 2008 when the grace period for “old format” cheques ends. Adopting the new specifications before then is particularly important for business cheques, as these represent the largest volumes and there are currently significant variations in the formats used. A business that does not adopt the new cheque specifications by that date may risk having cheques that cannot be properly imaged in accordance with CPA requirements and consequently cannot be cleared using the new process. At that time, financial institutions will work with clients to resolve any issues. By making the transition to the new cheque format before the new clearing process is implemented, businesses will avoid potential problems and be ready to reap the benefits of cheque imaging within their own org
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