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Industry Adoption Updates

Find the most recent Check 21 statistics here, as well as videos and business cases. Don't forget to check in regularly as new statistics will be reported on a monthly basis.

• Industry Statistics and Key Messages
  
  
• Creating Substitute Checks under Check 21 - Economic Framework (pdf)
  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 (pdf)
  
  
• Destination Check 21 Resource Center
  
  
• 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. (wmv)
  
  

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Key Messages:

• Institutions have begun receiving electronic delivery of their unpaid image returns. This report now includes the trend information for image returns. During the first ten months of 2009, the volume of reported image returns grew by 71% from an average of 114,000 per day to 195,500.
  
  
• More than 20,700 paying institution routing transit numbers are receiving images for payment instead of paper checks.  These represent over 15,400 financial institutions.
  
  
• Substitute Checks have facilitated the transition from paper checks to check images.  The monthly volume of substitute checks peaked in the month of October 2007 and the quarterly volume peaked in the second quarter 2008 with 875 million and then declined by 53% during the third quarter of 2009 to 460 million.
  
  
• On an average day during October 2009, 15,418 institutions received over 57 million check images for posting. When the October volume is annualized, it totals 14.4 billion for $16.6 trillion. Also, another 4.1 million checks per day that were sent as images and delivered to paying institutions as substitute checks. These totaled 1 billion checks per year and $1.2 trillion.
  
  
• This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges. When the same payments were cleared through two or more of these organizations, those payments were counted only once.

Data Sources for all Statistics:
Transaction settled through the Federal Reserve, NCHA and SVPCO with no duplicate counting.

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