Under the terms of the deal, VSoft’s multi-channel image processing services will enable a full cheque truncation similar to that of the US and other international markets and will assist with fraud prevention.
The partnership follows two cheque electronification rules issued by the Canadian Payments Association (CPA) which allows the use of image replacement documents (IRD) for processing. The second rule will come into force in 2011 to enable full cheque electronification of all forwarded items.
VSoft services are delivered in-house or as an outsourced ASP or SaaS to bank, credit union, trust company and government clients as well as the international consumers and businesses.
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