Brokerages have historically (and currently) been very heavy users of cheques to settle monthly agency bill and out of cycle payments. The primary reason for this has been the requirement for brokerages to submit a remittance report with their payment. The only way to do this has been by a report attached to a post dated cheque.

The ClearPay technology was activated before September 2016 and serves to expedite the ability for brokerages to move to submitting payments electronically and remittance advices directly from their broker management systems. The digitization of the payment and remittance submission process can offer material benefits to the accounting department at Everest Insurance Company of Canada.

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