Check 21: Where Are You on the Adoption Curve?
- Topics:
- Commercial Banking
- Source:
- The BISYS Group
Vendor Registration: required
Overview: Check 21, which will become effective October 28, 2004 (one year after signage), encourages, without mandating, check truncation by removing the legal impediments to check truncation that require delivery of the original paper check to the paying institution in order to constitute legal presentment. Instead, original paper checks can be converted into images and cleared, more quickly, through the payments system electronically and only be converted back into paper checks for paying institutions that cannot accept electronic check delivery. Whether this new law is a harbinger of a paperless future—the first step towards mandating at some future date that check images be accepted by all financial institutions—or "merely" an initial step in the evolution of check clearing and the further integration of electronics into that process, one thing is clear. No matter where your bank is today in terms of imaging, Check 21 will change payment systems, your world, and that of your customers.
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Format: PDF | Size: 809KB | Date: Feb 2004 | Pages: 9
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