January 9, 2008
The Canadian Payments Association (CPA) has published new specifications for
gift certificates and coupons that are processed through the clearing system.
The new requirements are designed to make these payment items “image-friendly”.
The specifications, which are now included in the CPA’s Standard 006, apply
to coupons and gift certificates that are deposited at financial institutions by
the businesses that accept them. The requirements do not apply to coupons and
gift certificates that merchants handle internally and do not send to their
financial institutions for processing through the clearing system.
Many of the requirements for these items are similar to the specifications
for “image-friendly” cheques, which were published in Standard 006 in January
2005.
Businesses that issue these types of coupons and gift certificates are
strongly encouraged to adopt the new specifications for their next printing. A
grace period for “old-format” items is in effect until September 2, 2008. Any
items printed after that date must comply with the requirements in Standard 006.
The CPA and its member financial institutions recognize that some coupons and
gift certificates issued before September 2, 2008 may remain in circulation
beyond that date. Financial institutions will continue to process “old format”
items after the end of the grace period, provided that a satisfactory image can
be captured from them.
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