Check 21 (the Check Clearing for the 21st Century Act) Potential Opportunities and Implications for Financial Institutions

Topics:
Commercial Banking
Tags:
Check 21,
Finance,
Financial,
Financial Services,
Mellon,
Operational Accounting,
Payment
Source:
Mellon

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Overview: Check 21 aims to facilitate the broader use of electronic check processing, without requiring any bank to change its current check collection practices. Its many proponents believe that the law represents an important step in streamlining check processing and, in doing so, reducing some of the risks inherent in today's heavily paper-based U.S. payment system. While Check 21 is not the authorization for image exchange without paper, it is the stimulus expected to cause a critical mass of independent check processors to realize the current state of imaging technology and the potential application of that technology in the payments system.

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Format: PDF | Size: 294KB | Date: Jun 2004 | Pages: 8

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