Digital Transactions: A new plan at NACHA to merge elements of the automated clearing house network with elements of check imaging could allow banks to clear checks more cost-efficiently. Some 20 financial institutions, ranging from large banks to community banks, have expressed interest in participating in a pilot to test the new plan. NACHA expects to start the pilots during the first quarter of next year. The pilots will likely run for 18 months. The new effort will be called "deposited check truncation," or DCT for short, and calls for FIs to capture payee data along with account and routing numbers from check. Read more
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