Check Clearing for the 21st Century Act: Printing Implications for Financial Institutions and Service Bureaus
- Topics:
- Commercial Banking
- Tags:
- Check 21,
- Finance,
- Financial,
- Financial Services,
- Operational Accounting,
- Payment,
- Payment System,
- Printing
- Source:
- Oce
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Overview: In an effort to improve the efficiency of the U.S. payment systems and minimize risky dependence on planes, trucks and trains to transport paper checks, the U.S. government drafted and enacted the Check Clearing for the 21st Century Act. Also known as Check 21, the act was signed into law on October 28 2003 and became effective October 28, 2004. Designed to modernize the U.S. check clearing system and encourage innovation in the payment system, Check 21 represents the first step toward improving the efficiency of U.S. check clearing and payment systems and saving the banking industry billions of dollars by facilitating digital check clearing and truncation.
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Format: PDF | Size: 836KB | Date: Nov 2004 | Pages: 15
