X9 Deposits in Canada: What does it mean?

By: Jon Gage

As a business, the process of depositing your cheques really hasn’t changed very much in the last twenty-five years. Chances are that like most Canadian firms you rely on three important elements to deposit your paper cheques:

  1. A calculator
  2. A bag
  3. An (expensive) armored car or courier service

What many of you may not know is that Payments Canada (formerly the Canadian Payments Association) recently approved an amendment which allows Canadian Banks to accept electronic deposit files instead of those bags of cheques!

Canadian Electronic Deposit

Any organization that receives cheques is now in a position to take advantage of the latest technology to facilitate electronic deposits. Remittance Automation systems will image the paper, validate that the data is intact and create compliant “x9” files that you can simply send to your bank!

The benefits don’t stop there, though. Because you’ll already be capturing images of the cheques you can get access to those pictures through a robust search engine purely focused on payment inquiries. In addition, electronic cheque deposits will speed clearing and improve security.

One of the biggest wins, however, will be in your backend ERP, CIS or AR system. Automated systems don’t just create deposit files and populate a searchable archive; they also integrate into your host systems to post the receipt of the payments against your customer accounts! Leveraging validation tables, OCR technology, and intelligent automation will go a long way toward cleanly posting your work to minimize operator intervention.

Want to learn more about how an automated solution can help you both deposit & recognize your inbound payments faster and more accurately? Contact Laurie Opie at lopie@creditron.com to arrange a no-obligation online meeting.

©2017 Creditron | All Rights Reserved

Top