Following entry is a record in the “Catalogue of Catastrophe” – a list of failed and troubled projects from around the world.
Canadian Payments Association – Canada
Project : Truncation and Electronic Cheque Presentment (TECP)|
Date : Jan 2009
Cost : $undisclosed, but web search indicates project to have been a $300M initiative
The TCEP system was a system designed to simplify the clearing of checks by scanning and transmitting check data between banks rather than transferring millions of individuals checks around the county. Started in 2002, the project was cancelled in late 2008 / early 2009 following numerous delays.
Contributing factors as reported in the press :
Complexity. I also wonder about the timing of this project. By 2009 the number of written paper based cheques was already in decline. Although not stated anywhere in the available reports I wonder if the business case was weakened as the project moved forward by the ongoing shift to online payments and other modern payment methods.
Reference links :