June 23, 2004
Memo To Banks: Leapfrog Check 21 Mandate With Image Exchange
This is the first document in the "Check 21" series.
by Connie Moore, Penny Gillespie
with Laurie M. Orlov, Carey Schwaber, Colin Teubner
Executive Summary (This is a document excerpt)
The Check Clearing for the 21st Century Act (Check 21) is landmark US legislation that will significantly impact financial institutions during the next 18 to 24 months. Although Check 21 mandates that financial institutions accept substitute checks from other banks in lieu of checks, the major impact will be rapid adoption of check image exchange across all sizes of banks. Instead of implementing substitute check technology, financial institutions should leapfrog Check 21 requirements and adopt check image exchange for check truncation.
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WHAT IT MEANS
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Forrester interviewed vendors, organizations, and users for this report, including Advanced Financial Solutions, Alogent, Bank of America (Asia, Ltd.), Carreker, Central Oklahoma Clearing House Association, CheckClear (Endpoint Exchange), Electronic Check Clearing House Organization, Federal Reserve Bank, Fiserv, Hyland Software, IBM, InterCept, Mobius Management Systems, NCR, NetDeposit, Small Value Payments Company, Unisys, Viewpointe Archive Services, and Wausau Financial Systems. Related Research Documents
January 13, 2004, IdeaByte
February 14, 2003, IdeaByte
February 14, 2003, IdeaByte
June 28, 2002, IdeaByte |
Check 21: The Catalyst For Revolutionizing Check ProcessingFind Documents In Related CategoriesThis document falls under the following categories. Click on a link below to find similar documents. |
Original air date: Friday, November 07, 2008
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