The Checkless Society
- Topics:
- Commercial Banking
- Tags:
- Bank,
- Carreker Corp.,
- Check,
- Check 21,
- Finance,
- Financial Services,
- Operational Accounting,
- Payment
- Source:
- Carreker
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Overview: Don't look now, but checks are checking out: The long-heralded "checkless society" is now within America's grasp. And while no one expects checks to disappear overnight, the long-term implications for banks are substantial. Legislation signed into law late last year and scheduled for implementation on October 28, 2004 - commonly known as the Check 21 Act - will radically alter bank payments operations. The legislation eliminates the need to exchange paper checks to effect settlement of payments and creates a new legal document known as the "substitute check" with the same negotiable status as an original check.
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Format: PDF | Size: 59KB | Date: Sep 2004 | Pages: 2
