The Canadian Payments Association
(CPA) has announced new specifications
which all cheques must conform to by
December 31, 2006.
New cheque printing standards for faster, simpler cheque processing.
In order to make cheque processing
faster and more convenient, the Canadian
Payments Association (CPA) has announced
a new standardized layout for cheques,
known as Standard 006.
Financial institutions will be able
to exchange cheques between themselves
in an electronic data format, which will
enhance the efficiency of the Canadian
Payments System. As a result, customers
will enjoy faster, easier access to
cheque images, streamlining the cheque
clearing process.
The new specifications at a glance.
This illustration highlights the
changes mandated by the new standards:
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- The
numeric date
field must
follow one
of these
formats:
- English
format
of
MMDDYYYY
or
DDMMYYYY
- French
MMJJAAAA
or
JJMMAAAA
- International
date
format
YYYYMMDD
(English)
or
AAAAMMJJ
(French)
In all
cases, the
date field
indicators
must be
printed
below the
date field
line to
indicate
which format
is being
used. The
font size
for this
date field
is a minimum
of 6pts and
a maximum of
8pts.
- A
mandatory
serial
number must
be encoded
in the MICR
line on the
bottom of
the cheque.
- The
minimum
length of a
cheque
increases
from 6" to 6
1/4" (or
15.88 cm) to
ensure there
is
sufficient
space to
accommodate
the
mandatory
serial
number in
the MICR
line.
- Positions
for key
fields on
the cheque,
such as the
amount
field, have
been
standardized.
- Elements
that could
hinder the
capture of
images from
the cheques
must not be
used. These
include
inverse
printing,
italics,
slanted
fonts, a
bottom
border
printed
below the
MICR line,
black carbon
on the
reverse of
cheques, and
some complex
or colourful
backgrounds.
- Security
features
must not
interfere
with image
capture for
"areas of
interest" as
defined in
Standard
006, Part A.
- New
requirements
for the
reverse of
the cheque.
Always fill
out your new
cheques using
black or blue
ink and, if you
have any old
cheques, be sure
to replace them
before December
2006.
Without these
modifications to
your cheques,
other financial
institutions may
not process
non-compliant
cheques after
December 31,
2006. That
means, some
cheques may not
clear. By making
the transition
to the new
cheque format
before that
date, you will
avoid potential
business
disruptions and
be ready to take
advantage of the
benefits of
cheque imaging. |
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