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

 

October 2016

Key Messages:

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The volume of transit check images in October 2016 was .48% greater than the volume of transit check images in October 2014.

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The average daily volume of transit check images in October 2016 was 5.51% greater than the average daily volume of transit check images in October 2014.

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For the first ten months of 2015 and 2016, the total volume of transit items declined by only 2.31%.

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For the first ten months of 2015 and 2016, the average daily volume of transit items declined by only 1.84%.

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Between Q1 2012 and Q3 2016, the quarterly average volume of image returns has decreased from 247 thousand to 197 thousand or by 21.9%.

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For 2015 the return rate was .38% which is the lowest annual return rate yet. So far for 2016 it is .37%.
 cropped-Checkmark-for-Page-ID-2.jpg More than 20,100 routing transit numbers are available to receive check images and over 20,400 are available to receive image returns.
cropped-Checkmark-for-Page-ID-2.jpg On an average day during October 2016, over 53 million interbank check images were received for posting. When the October volume is annualized, it totals 13.5 billion for $21.2 trillion.  The annualized volume of substitute checks received in October 2016 totaled only 607 thousand for $894 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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