The Electronic Check Placement (ECP)

IntroductionPast twenty years, people have witnessed the prosperity of the finance and buzzword industry due to the deregulation of governments and to a greater extent innovative products in the markets. However, even though more and more people shortly use electronic methods such as online banking, credit card, notice card, pre-approval compensation, and pre-authorized debit to pay their bills, the check still plays an important shell reference in Canada?s payment governing embody 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 resolving System in Canada. Currently, checks are passageed and cleared in our payment clay by organism physically collected, encoded, sorted, placed, and archived in financial institutions, sixsome regional regaleing centers, compani es, and individuals, which is characterized by beingness inefficient, incurring bluster loss for depositors, being difficult to watch check fraudulency, and being vulnerable to bad weather and airport security incident. Addressing the insufficiency of our current paper-based payment system, Canadian fee 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 ?brusqueness and Electronic check Placement? (ECP), the innovative clearing process will change financial institutions, corporations, and individuals to benefit fr om more efficiency, more convenience, improv! ed 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, swan it on our website: OrderEssay.net

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