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Canadian Chamber of Commerce Submission in Response to Finance Canada's 2006 Review of Financial Sector Legislation:
June 1, 2005
Mr. Gerry Salembier
Director, Financial Institutions Division
Financial Sector Policy Branch
Department of Finance
20th Floor, East Tower
140 O'Connor Street
Ottawa, ON K1A 0G5
Dear Mr. Salembier,
On behalf of the members of the Canadian Chamber of Commerce, I am writing in response to the Government's invitation, in Annex 6 to its budget documents, for comments on allowing financial institutions to electronically process cheque images in place of paper cheques. The Canadian Chamber agrees with the statement in Annex 6 that cheque imaging "would help modernize and improve the efficiency of Canada's cheque clearing process".
The Canadian Chamber of Commerce is Canada's largest and most representative business association. We represent more than 170,000 members, including businesses from every industry and region of Canada, as well as local Chambers of Commerce and Boards of Trade in hundreds of communities throughout the country.
As noted in Annex 6, electronic processing could reduce cheque hold times, decrease the time it takes to trace cheques and recreate statements, and lead to the development of new products and services. Benefits will exist for the clearing system as a whole and for the business community, through increased efficiency and the potential to streamline current approaches to cheque processing and to more effectively deal with attempted fraud. Finally, from a competitiveness standpoint, the Canadian Chamber is aware that other jurisdictions, including the U.S. either have or are moving in this direction.
For the above reasons, the Canadian Chamber of Commerce supports the introduction of cheque imaging to modernize the cheque clearing process.
Nancy Hughes Anthony
cc: Guy Legault, Canadian Payments Association