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Banks lost millions on digital cheque project

Bank insider says money wasted, 'green' opportunity missed

A multimillion-dollar project by Canada's major banks and credit unions, which would have cut carbon emissions and saved money, has been scrapped because of numerous delays and complications.

The proposed digital clearing system would have ended the expensive practice of couriering about three million cheques around the country each day for processing.

"When a bank loses money in a large-scale project like this, that cost should be outlined somewhere," said Blair Smith, a former project manager with one bank, who worked on the system in Vancouver for three years.

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