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Home : Products and Services : Treasury Services : Treasury Management : TECP Update

TECP Update

Over the last few years, the Canadian Payments Association (CPA) has been leading a mandatory, industry-wide initiative to modernize Canada’s cheque clearing system using digital imaging technology. The project’s objective was truncation and electronic cheque presentment (TECP), a process whereby Canadian financial institutions would exchange cheque payment information electronically, eliminating the physical exchange of paper cheques. In preparation, Canadian businesses were advised to upgrade their cheques to TECP specifications, also known as Standard 006.

After significant review, the CPA and all Canadian financial institutions, including BMO Financial Group, have decided not to proceed with the implementation of the industry-wide TECP project. Standard 006 cheque specifications remain important for the delivery of ongoing and future imaging services.

Standard 006 Cheque Specifications

For More Information
Visit the Canadian Payments Association, or contact your BMO Global Treasury Management representative.