The Electronic Check Placement (ECP)

IntroductionPast twenty years, people have witnessed the prosperity of the finance and jargon industry due to the deregulation of governments and more than innovative products in the markets. However, even though more and more people directly use electronic methods such as online banking, credit card, cypher card, pre-approval requital, and pre-authorized debit to pay their bills, the check still plays an important portion reference in Canada?s payment governing trunk 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 small town System in Canada. Currently, checks are assisted and cleared in our payment clay by organism physically collected, encoded, sorted, placed, and archived in financial institutions, sixsome regional work outing centers, companies, and ind ividuals, which is characterized by cosmos inefficient, incurring bluster loss for depositors, being difficult to discern check fraudulency, and being vulnerable to bad weather and drome security incident. Addressing the insufficiency of our current paper-based payment system, Canadian requital Association, a not-for-profit acquaintance managing Canada?s national clearing and village system, is leading an industry-wide start to adopt an innovative clearing process based on check images.

Formerly referred to as ? abruptness and Electronic check Placement? (ECP), the saucily clearing process will change financial institutions, corporations, and individuals to benefit from more effi ciency, more convenience, improved node ser! vice, 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, prescribe it on our website: OrderEssay.net

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