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What is a routing
number, and how is it used?
What is the difference between the Branch
Directory on the website and the CPA Financial Institutions File (FIF)?
How often is the
FIF updated?
Can data from the FIF be uploaded into a business’ internal systems?
In what formats is the FIF available, and what are the subscription costs?
How
does a business subscribe to the FIF ?
Can businesses
outside of Canada subscribe to the FIF?
What is a routing number, and how is it used?
A routing number identifies the financial institution and
the branch to which a payment item is directed. Along with the account number,
it is essential for delivering payments through the clearing system. In Canada,
there are two formats for routing numbers:
An electronic routing number is comprised of a three-digit
financial institution number and a five-digit branch number, preceded by a
“leading zero”. The electronic routing number is used for routing electronic
payment items, such as direct deposits and wire transfers.
A paper (MICR) routing number is comprised of a
three-digit financial institution number and a five-digit branch number. It is encoded using magnetic ink on paper payment items (such as cheques).
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What is the difference
between the
Branch
Directory on the website and the CPA
Financial Institutions File
(FIF)?
The Branch Directory and the FIF both contain routing
numbers. The Branch Directory is provided free of charge on the CPA website as a
useful tool for occasional reference.
The FIF is an electronic file with broader functionality
and must be purchased on a subscription basis. If your business frequently needs
access to routing numbers, the Financial Institutions File, from which data can
be uploaded to various applications, will be more useful to you.
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How often is the
FIF updated?
The CPA updates the electronic version of the Financial
Institutions File (FIF) weekly to reflect additions and modifications submitted
by its Direct Clearer members on their own behalf as well as on behalf of other
institutions for which they act as clearing agents. These changes are also
reflected in the updates to the Branch Directories on the CPA website. Changes
to the FIF may include additions of new institutions or branches, closing of
branches, and changes in banking arrangements that affect the routing of payment
items.
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Can data from the FIF be uploaded into a business’ internal systems?
Yes, the FIF information can be uploaded into a variety of
applications. Please contact the CPA
directly for information regarding file format and description of fields.
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In what formats is the FIF available, and what are the subscription costs?
The FIF is available through subscription on CD-ROM or by
File Transfer Protocol (FTP) at an annual subscription fee of $609 (CAN) and
service charge of $27 per download/delivery. Shipping costs will also be charged
for the FIF on CD-ROM. The file is updated every week, and subscribers may opt
to receive it at different frequencies (e.g. weekly, monthly, etc.).
Alternatively, the information is published annually in
hard copy as a three-volume directory. The directory may be purchased by
contacting the publisher:
Bowne of Canada, Ltd.
60 Gervais Drive
Toronto ON
M3C 1Z3
Tel: (416) 449-6400
Fax: (416) 449-8155
Please note that the hard copy directories are updated on
a yearly basis at the end of March.
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How
does a business subscribe to the FIF?
In order to subscribe to the FIF, a business must be
sponsored by a CPA member financial institution (that is, the business will
enter into a three-way agreement between the financial institution, the
business, and the CPA). As an initial step, businesses should contact their
financial institution (FI) directly. The FI will be able to guide them though
the application procedure.
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Can businesses
outside of Canada subscribe to the FIF?
A business outside of Canada interested in the FIF should
ask its financial institution if it has a correspondent banking relationship
with a Canadian financial institution, through which subscription arrangements
could be made.
Alternatively, routing codes may be obtained from the
Branch
Directory on the CPA website. The Branch Directory provides routing
information for Canadian Financial Institutions in PDF format free of charge.
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