Executive Summary (This is a document excerpt)

Adoption of image exchange for check truncation enabled by Check Clearing for the 21st Century Act (Check 21) will be relatively slow in 2004 — only 12% of all US commercial banks will implement check image exchange this year. But by 2008, 100% of US commercial banks with greater than $10 billion in assets and 100% of commercial banks with $100 million to $1 billion in assets will have begun implementation. As infrastructure costs continue to rise substantially for exchanging physical checks, and the competitive threat from early adopters increases, banks that ignore check image exchange will be at a severe disadvantage.

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