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Canadian Banking System:

 

FOR YOUR INFORMATION!!


December 22, 2003 - We have recently been made aware that The Canadian Payments Association (CPA) Board of Directors has issued an official policy statement advising that the clearing system rules will be amended to prohibit the clearing of tele-cheques effective January 1, 2004. You can read this news release here. This may directly impact the use of the A/R Now program in Canada.  Please consult with the proper legal advisors to determine whether this would affect your potential use of the program.

We cannot advise you as to whether or not you can legally use A/R Now in the Canadian system. It is legal to use in the US, and has been in use for many years.

The policy statement seems to indicate that in order to use a check drafting or similar program, you would first have to have written approval on file with the payors bank prior to use of a check :

"CPA Rules will be amended to clarify that cheques and other valid bills of exchange must have proof of signing authority (i.e., customer or power of attorney) on file at the CPA member financial institution holding the payor’s account to be eligible for clearing."

So for clients who use the program for ongoing payments from existing customers, it could simply be a matter of establishing a written approval from your customer to be put on file with your customers bank.

Again, we must stress that we cannot advise you on whether this system will work, or even be legal for your situation if you reside in Canada. Please take appropriate steps to check with the appropriate officials to determine the proper and legal use for your situation.

A/R Now has been set up technically so that it could be used for both Canadian and American Banks. The selection process is accomplished by two new buttons that will appear on the check writing screen.

To select either mode, simply press the desired button.

In the Canadian mode, A/R Now can accept the up to 10 characters for the Province and will facilitate both numbers and letters for the Postal Code. Additionally, in the bank routing field at the bottom of the screen can accept the dash ( - ) that is used in the Canadian Banking System.

The Transit Number / Bank Code field at the top of the check can be left blank. The Canadian Banks do not use this field.

PLEASE NOTE: In the Canadian version, the VeriFAST ABA bank routing number verification and validation process is disabled. You must physically insure that you have entered the correct numbers in the fields.

Other than these changes, all other features of A/R Now will work the same.

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  • Deposit Tickets through Report Writer.

  • Deposit Stamp the back of Checks for depositing.

  • Network compatible Master and Client software.

  • Print Preview in Design-A-Check for on screen viewing of complete check, voucher and stub.

  • Archive Database you can now store old records in a separate section of database but still have access to them.

  • Import / Export database information through delimited files.

  • New & Improved MICR Font (more reliable for printing).

  • Payor Manager for quick search and access of Payor's in the database.

  • Quick Helpers on screen help.

  • And much, much more.