Everlink and FICANEX are happy to report that the Cash Deposit Reporting System (CDRS) has been successfully launched and is available to members of THE EXCHANGE Network — Canada’s largest surcharge-free ATM network.

Designed With Regulatory Amendments in Mind

Now in use by 150+ financial institutions and 1,500+ users, CDRS was developed in response to new regulatory obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). This includes requirements for issuers to keep records related to deposit slips, as well as report (if applicable) the cash transactions for accounts they operate. 

A Better, Faster, Easier System

CDRS provides THE EXCHANGE Network members with a greatly improved system that replaces tedious and cumbersome processes with a more efficient method of providing critical information needed by all issuers on the network. Accessed via web portal, the system gathers information from acquirers on cash deposits and provides it to issuers who then use it for FINTRAC reporting purposes.

Built with security in mind – including various encryption protocols – the system aggregates required data and consolidates to a single daily file for issuers to retrieve. CDRS also comes with full contact centre support in French and English as well as disaster recovery measures to help prevent data loss.

“CDRS was developed in response to a need brought forward by THE EXCHANGE Network members,” says Angela DiFrancesco, Officer at FICANEX. “Together with Everlink, we are pleased to deliver a solution that supports the regulatory requirements of our members and our commitment to streamlining operational processes.”

“CDRS is the latest innovation to emerge from a strong history of collaboration between Everlink and FICANEX,” says Mark Ripplinger, President and CEO of Everlink. “Financial institution members of THE EXCHANGE Network now have a powerful tool that greatly improves the speed, efficiency, and security of these incredibly important tasks.”

Want to learn more? Contact us today!

For more information about CDRS, please contact your Everlink Account Executive.

About FICANEX

FICANEX consists of FICANEX Services Limited Partnership which owns and operates THE EXCHANGE Network which is comprised of over 150 banks and credit unions that make up Canada’s largest surcharge-free ATM network.

About Everlink

Everlink Payment Services Inc. is a leading provider of comprehensive, innovative, and integrated payments and digital solutions and services for financial institutions and service providers across Canada. In addition to supplying best‐in-breed technology infrastructure and payment network connectivity, we offer a comprehensive range of integrated payments Lines of Business including Payment Network Gateway, ATM Managed Services, Card Issuance & Management, Fraud Management Solutions, Mobile Payments, Retail & SME Solutions, Digital Solutions and Professional Services. Visit www.everlink.ca to learn more.