Industry Statistics

Creating Substitute Checks under Check 21 – Economic Framework
Determine if creating substitute checks is right for your institution using guidelines to analyze your business case

Image Based Check Clearing – A Key To Your Competitive Payments Strategy
Since its implementation in October 2004, the Check Clearing for the 21st Century Act (Check 21) has enabled greater use of imaging technology for check clearing. Because of this law, financial institutions are empowered to convert original paper checks to electronic images for clearing and processing.

Check 21 Implementation Video
View this helpful video for an overview of the Check 21 Act, its major provisions and minimum requirements to participate in receiving check images

August 2017

Key Messages:

The volume of transit check images declined from year 2015 to year 2016 by only 2.56% and has declined 2.80% for the first 6 months of 2016 to 2017.
The dollar amount of transit check images grew from year 2015 to year 2016 by .47% and has increased 3.11% for the first 6 months of 2016 to 2017.

From the first quarter of 2014 through the end of the second quarter of 2017, the dollar amount of transit checks grew by $1.5 trillion per year.

More than 19,900 routing transit numbers are available to receive check images and over 20,700 are available to receive image returns.

On an average day during June 2017, over 46 million interbank check images were received for posting. When the June volume is annualized, it totals 11.6 billion for $19 trillion.  The annualized volume of substitute checks received in June 2017 totaled only 618 thousand for $950.7 million.
Data Sources: Transactions settled through the Federal Reserve, Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional exchanges

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