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

 

December 2016

Key Messages:

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The volume of transit check images declined from year 2015 to year 2016 by only 2.58%.

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The dollar amount of transit check images grew from year 2015 to year 2016 by .46%.

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For a second year in a row, the return rate was .38% which is the lowest annual return rate yet.

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More than 20,100 routing transit numbers are available to receive check images and over 20,400 are available to receive image returns.

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On an average day during December 2016, over 50 million interbank check images were received for posting. When the December volume is annualized, it totals 12.6 billion for $20.7 trillion.  The annualized volume of substitute checks received in December 2016 totaled only 605 thousand for $936 million.

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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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