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For Financial Services Professionals
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June 23, 2004 Memo To Banks: Leapfrog Check 21 Mandate With Image Exchangeby Connie Moore, Penny Gillespie with Laurie M. Orlov, Carey Schwaber, Colin Teubner |
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This is an excerpt
Executive Summary
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.
TABLE OF CONTENTS
- Check 21: The Catalyst For Revolutionizing Check Processing
- Moving From Snail Mail To Electronic Delivery
- Check Image Exchange Will Transform Interbank Processes
- Barriers To Adoption
RECOMMENDATIONS
- Check Imaging Becomes A Way Of Life
WHAT IT MEANS
- Participate Or Pay — But Revamp Your Fee Structure
ALTERNATIVE VIEW
- Image Exchange Adoption May Be Slower Than Expected
- Supplemental Material
- Related Research Documents
This is an excerpt
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