Change is here in the world of paper checks.
Microfilm machines are being replaced with a better option, photocopying
checks is not a great use of anyone's time, and Check 21 is changing
how checks are handled, both at businesses and at banks. And soon, there will back office conversion. We've collected a variety of information to help you understand the changes in the use and clearing of checks.
Check imaging benefits. Reduced costs. Reduced operator error. Increased customer service and satisfaction. There are lots of reasons to like check imaging.
Back office conversion - Read the FRB overview, and a more detailed press release from NACHA, on this new approach to clearing checks. See what merchant capture and remote deposit have to do with this.
ACH options - As of March 2007, there are three ways to clear checks through the Automated Clearing House. Learn about BOC, ARC, and POP, including a side-by-side comparison of these ACH tools. NACHA has published a Guide to Implementing a Back Office Conversion Entry Program, which is available from the NACHA website.
Check 21 overview. How can an image replace a paper check? And what are the implications of that? Read more.
Check 21 FAQs. Explore the specifics, from the consumer's point of view, of how Check 21 will change banking.
FRB use of checks study. The Federal Reserve Board studied the world of checks, and identified many changes already occuring. See what they found out.
Future of checks article. Check use is on the decline, yet checks will be around for a long while for some very good reasons. Find out what they are. Learn what the FRB discovered in its most recent study of the use of checks.
ACH & NACHA. What does the Automated Clearinghouse and its rule-making organization have to do with this? A lot.
Results of FRB conference on payment processing. The conference brought together executives and senior professionals from banks as well as other payments providers and corporate users to discuss strategic opportunities and challenges in addressing ongoing changes in the payments system.
