Support for Canadian CPA File Format
Applied Business Software (ABS) announces support for the Canadian Payments Association AFT File Standard
FOR IMMEDIATE RELEASE
LOS ANGELES, Calif., September 9, 2011 - Applied Business Software Inc. (ABS), developer of The Mortgage Office™, the leading loan servicing software solution for the lending industry, is excited to announce its support of the Canadian Payments Association (CPA) AFT File format.
For years, The Mortgage Office’s ACH Express module has supported the National Automated Clearing House Association’s (NACHA) format. NACHA is the standard used by institutions throughout the United States, including the Federal Reserve, to electronically transfer funds. ABS set out to offer the same for its Canadian customers.
"In our continuing effort to provide the most cost-effective, feature-rich software to the Canadian market, we are proud to announce the support of the CPA Standard 005 format", said Carlos Nodarse, ABS’ Director of Software Development. “Our software is used by some of the largest lenders in Canada. This is new functionality reduces their costs while increasing their productivity.”
The Canadian Payments Association (CPA) is a not-for-profit organization that plays a leadership role in providing safe and efficient clearing and settlement systems to enable member financial institutions to meet the payment needs of Canadians. On average, some 23 million payment items, representing approximately $173 billion in transactions, were cleared and settled through the CPA’s systems each business day during 2009.
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