New Cheque Standards

New Cheque Standards and Image-Based Clearing

The Canadian Payments Association (CPA) is leading an industry-wide initiative to make this process more efficient by capturing images of cheques so that they can be cleared electronically. The CPA announced revised cheque specifications ("Standard 006") in January 2005. The new specifications are necessary to ensure that high-quality cheque images can be captured, both for clearing purposes and for delivery to clients, and to enhance processing efficiency.

Implementation of this new clearing process is targeted to begin in late 2008.

What changes can I expect?

The following documents explain the changes and impacts on personal and business customers:

• What you need to know about the new cheque standards (PDF - 38k)
  
  
• CPA Cheque Standards Announcement
  
  
• Overview of Changes to Cheque Specifications (PDF - 165k)
  
  
• Standard 006 (PDF - 2.16MB)
  
  
• FAQs on the New Cheque Specifications
  
  
• Summary Report on Standard 006 Consultations (PDF - 161k)

Where can I get more information?

If you have further questions, contact the CPA's Communications and Education Division at
613-238-4173 or contact ATB Financial (toll-free) at 1-800-332-8383.

Copyright ©2006 ATB Financial, All Rights Reserved.