CALGARY, June 5 /CNW/ - CHEQ-IT Ltd. (TSX Venture: CQT) announces that
the CHEQ-IT payment processing system conforms to the new 2007 specifications
mandated by the Canadian Payments Association (CPA). The CPA operates the
national clearing and settlement systems that facilitate the flow of funds
between institutions. On average, 21.0 million payment items, including
4.3 million cheques, were cleared and settled through the CPA's systems each
business day in the first quarter of 2007.
CHEQ-IT Ltd. is upgrading the systems installed in established clients in
order that they can generate cheques consistent with the new CPA standards.
These standards become effective July 1, 2007, and will be mandatory for all
cheques cleared through Canadian financial institutions by the end of the
"The new CPA standards mean that every computer application that
generates cheques will need to be modified, and everyone using a system to
generate cheques will need to make this change. Since CHEQ-IT already has a
system ready now, we expect to create a significant number of new
opportunities for our system, and our technology," states Raymond Huska,
CHEQ-IT President and CEO. "The basic premise of the new standard is that the
date and numeric amount on cheques must be in specific locations of the cheque
to facilitate image scanning for cheque clearing purposes. The update to the
CHEQ-IT system facilitates the positioning of these fields in the appropriate
locations, and allows the system user to fine tune the exact placement based
on the printer being used. Additionally, version 700 supports:
- International cheque formats and setting print parameters for up to 4
- Platform for Positive Pay, and future Positive Payee implementations.
- Password expiry and various other minor system enhancements."
CHEQ-IT is well positioned not only to update all existing clients, but
also to upgrade users of other payment systems. Competitive and complimentary
system suppliers will be able to meet the new requirements by integrating
CHEQ-IT inside their products. This also provides opportunities to establish
licencing arrangements with US and International based software developers.
CHEQ-IT Ltd., based in Calgary, develops, sells and supports payment
processing for Electronic Funds Transfer (EFT), Electronic Data Interchange
(EDI), cheque printing software systems and related supplies. The Systems,
currently in use by companies across Canada, work with a variety of corporate
accounting systems, and provide a robust, secure, and efficient means to
process payments at a low cost. The CHEQ-IT system, with security encryption
is one of the most secure and efficient methods of making payments, and
preventing fraudulent acts.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Regarding this release, or CHEQ-IT products
please contact: Raymond J Huska, President, Telephone: (403) 241-2607,
Facsimile: (403) 239-4613, E-mail: firstname.lastname@example.org