Checkpoint for Check 21

Topics:
Commercial Banking
Tags:
Check 21,
Financial Services
Source:
Computerworld

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Overview: The article introduces and briefs about the recently introduced Check 21 legislation. The Check Clearing for the 21st Century Act, or Check 21, will require that banks accept paper documents with check images and data related to transactions in lieu of original paper checks, which, once digitized, can be destroyed afterwards. The legislation does not force financial institutions to exchange IRDs electronically. Check 21 proposes to reduce paper handling, collection time, clearing expenses and fraud while improving fund availability and the collection of non sufficient-fund items.

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Format: HTML | Date: Oct 2004 | Pages: 4

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