Check 21 Will Change Verification Services
- Topics:
- Commercial Banking
- Source:
- Carreker
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Overview: As the banking industry builds the infrastructure necessary to exchange digital images of paper checks, questions are starting to bubble up about whether the new technology will one day make check verification services obsolete. The Check Clearing for the 21st Century Act is widely expected to facilitate the use of digital images of checks for clearing and settling; once it takes effect next October, banks will probably begin transmitting these pictures of checks across the country instead of physically moving the paper. As part of this transition, many industry players predict, the banks will soon attempt to convert the paper checks into images the instant they enter the payment system - at automated teller machines, at teller windows, and at merchants' cash registers.
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Format: HTML | Date: Nov 2003 | Pages: 2
