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CGI's Submission in Response to Finance Canada's 2006 Review of Financial Sector Legislation:
This document is not a Government of Canada publication and is posted in the format and language in which it was received.
May 27, 2005
Mr. Gerry Salembier
Financial Institutions Division
Financial Sector Policy Branch
Department of Finance
20th Floor, East Tower
140 O'Connor Street
Dear Mr. Salembier:
Innovation and productivity improvements are imperative to ensure that Canada's financial system retains a leadership position in the global marketplace. This is why we support Canada Payments Association TECP initiative to modernize Canada's national cheque clearing system.
Canadian Payments Association has recognized that the Canadian banking industry must fundamentally change how the processing of cheques is completed. They have fully considered the ramifications of this transition.
Along with extensive technology enhancements, we support that amendments to the Bills of Exchange Act must be made to allow financial institutions to process cheque images in place of paper cheques.
CGI has provided services to the Canadian Payments Association for over 10 years. In that time, we have been consistently impressed with their thoroughness and diligence with respect to technology and business initiatives. We have seen that again in their use of third party subject matter experts in the development of the TECP projects.
As Canada's largest information technology services company, CGI works closely with our financial services clients to increase efficiency through technology improvements. CGI assists banks, trusts, credit unions, caisse populaires, mutual fund managers and insurance companies to develop and run complex IT infrastructures and applications. Throughout our nearly 30-year history, we have taken an active role with our clients to evolve their systems to meet new business requirements.
The comments presented by Mr. Guy Legault and the Canadian Payments Association to the Department of Finance represent the actions to be taken to ensure the success of the TECP initiative and we request that full consideration be given to their request.
Please contact me should you require any additional information or perspective.
Senior Vice President and
Greater Toronto Area and Atlantic Canada
c.c. Guy Legault,
President and CEO, Canadian Payments Association