Routing Numbers
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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