0 Comments
Five years after the passage of the Check Clearing for the 21st Century Act, industry experts say the volume of paper-substitute checks created by the law is in a free fall, proving that the law has paved the way for electronic clearing of check images.
 
Digital Transactions reports that the number of substitute check items, or image-replacement documents, totaled 160.5 million in June 2009, down 43 percent from the 283.3 million items used in June 2008. Check 21 did not mandate image exchange; it only required that all financial institutions accept IRDs. But entrepreneurs, payments processors and technology companies saw the law as an incentive to encourage all banks and credit unions to add image-accepting capabilities.
 
David Walker, ECCHO's president and chief executive, says Check 21 paved the way for many business enhancements, some unforeseen when the legislation was drafted:
The success of image exchange really is a direct derivative of having Check 21 in place.

Related Content

Reader Comments

Add a Comment

We welcome your thoughtful comments. All comments will display your real name.

Want to participate in the discussion?

Or log in for complete access.

  • Clear
  • Post
Be the first to post a comment for this story.
Products & Services

A98 ATM Key Management System – A98-R - Remote Key Module

http://global.networldalliance.com/new/images/products/A98_R_100.gif

3765/A98-ATM-Key-Management-System-A98-R-Remote-Key-Module

Remanufactured Hardware

http://global.networldalliance.com/new/images/products/940.png

940/Remanufactured-Hardware

Agilis® Software

http://global.networldalliance.com/new/images/products/4431.png

4431/Agilis-Software

RETROFIT KIT

http://global.networldalliance.com/new/images/products/4935.png

4935/RETROFIT-KIT

Sentinel™ Alert Notification System

http://global.networldalliance.com/new/images/products/4257.png

4257/Sentinel-Alert-Notification-System

Financial Institution Programs

http://global.networldalliance.com/new/images/products/4655.png

4655/Financial-Institution-Programs

North America Style's design PCI 2.x EPP -ZT588F

http://global.networldalliance.com/new/images/products/4499.png

4499/North-America-Style-s-design-PCI-2-x-EPP-ZT588F

Authorized Distributor of ATM Machines

http://global.networldalliance.com/new/images/products/4104.png

4104/Authorized-Distributor-of-ATM-Machines

RL2000 — Retail ATM

http://global.networldalliance.com/new/images/products/RL2000_100.gif

1019/RL2000-Retail-ATM

Depositories

http://global.networldalliance.com/new/images/products/449.png

449/Depositories

Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.