Foreign check clearing

Foreign Check Clearing for Corporations and Financial Institutions

CXI can clear most foreign denominated checks with ease, as well as USD checks drawn on foreign banks, better accommodating customers’ needs in an increasingly globalized economy. In addition, CXI provides Digital Remote Deposit. It's the new solution for corporations and financial institutions to clear all foreign checks drawn on Canadian financial institutions.

Using CXI's online software CEIFX, financial institutions and corporations have a secure environment that streamlines the clearing process so funds can be made available quicker. Foreign check items can be cleared on Collection or as a Cash Letter.

Foreign currency Cash Letters are available for many checks drawn on a foreign bank same as the currency. This provides the quickest possible availability of funds. Foreign currency checks cleared on Collection alternatively are sent directly to the bank the check is drawn upon and the funds are available once the item clears in CXI's local bank account.

The CEIFX system is designed to reduce entry errors and automate the check clearing process. The system features Smart Check Identification that is designed to automatically detect whether a check should go to Check Collections or as a Check Letter based on pre-determined limits. Additional features of the CEIFX system include:

Foreign Check Clearing Features:

  • Customizable Cash Letter Limits
  • Customizable Check Collection Limits
  • Pre-Approved Customer Database
  • Real-Time OFAC Screening And Easy To Review Matches
  • Custom built Exportable Reports
  • Import/Export Integration Available
  • Easy Shipping with Live Tracking
  • Email Notifications with live Status Updates
  • Digital Remote Deposit for canadian checks - New Feature!

Digital Remote Deposit For Canadian Checks Benefits:

Scan Checks to Process Digitally
  • Uses X9 file type - most Check 21 compliant scanners are compatible
  • Digitally endorse checks
  • Process bulk checks quicker
  • No more bundling or shipping CAD checks
Checks Are Screened through Watch Lists
  • Integrated OFAC scan checks remitter, beneficiary, and bank drawn upon fields
  • Compliance Verification System allows for live compliance checks of regulatory watch lists
Safe and Secure Transmission
  • Increase security with fewer touch points in shipping and handling
  • Validate MICR line
  • Reduce entry errors and lost and damaged checks
Clear Checks Faster, Safer, and More Securely
  • Real-time validation and transmission to expedite reconciliation time
  • Reduced potential delays, errors, and fees for an enhanced processing experience
  • Established resources to take advantage of digital remote deposit technology

Ready to learn how Currency Exchange International can help you?

Learn more about how CXI's Foreign Check Clearing service can help your corporation or financial institution.

Foreign Check Clearing For Corporations
Foreign Check Clearing For Financial Institutions
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