December 2011

Key Messages:

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This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges.  Effective January 2011, we are able to include direct exchanges between banks as well as on-us image volumes.

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Implementation of check image exchange for check collections is almost completed across the industry and the implementation of check image exchange for returns is rapidly approaching full implementation and stabilization of volume growth has begun.

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Institutions are receiving electronic delivery of their unpaid image returns.   On an average day in December 2011, over 276,000 items were received as unpaid image returns.  When the December volume is annualized, it totals 69.6 million for $77.4 billion.  The average unpaid image return was $1,112.

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More than 24,400 routing transit numbers are available to receive check images and over 11,700 are available to receive returns.

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The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 99% as of December 2011 to 1.5 million.

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On an average day during December 2011, over 65 million check images were received for posting. When the December volume is annualized, it totals 16.5 billion for $21.9 trillion.  Also, another 69 thousand checks per day were sent as images and delivered to paying institutions as substitute checks.  The annualized volume of substitute checks received in December totaled only 17.5 million checks for $20.9 billion.

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