Industry Adoption Updates

February 2008

January 2008

December 2007

November 2007

October 2007

September 2007

August 2007

July 2007

June 2007

May 2007

April 2007

March 2007

February 2007

January 2007

December 2006

November 2006

October 2006

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:

• Paper checks are being transitioned to electronic images of checks at a pace that is unprecedented. Check images are currently collected in two forms, as substitute checks and as check images.
  
  
• Substitute checks assist in evolving traditional paper check clearing to image-based clearing. As a precursor to full check image exchange, the number of substitute checks is a positive indication of the acceptance of image exchange.
  
  
• More than 14 billion annual check payments totaling $17.5 trillion per year have already moved from the traditional paper-based clearing process to improved image-based processes.
  
  
• On an average day during March 2008, almost 9,800 institutions received more than 42 million check images for posting. These total 10.6 billion checks per year.
  
  
• This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, PaymentsNation (formerly NCHA), SVPCO and local / regional exchanges. When the same payments were cleared through two or more of these organizations, those payments were counted only once.
  
  
• The 2007 Federal Reserve’s Payments Study shows that the volume of checks (both written and paid) continue to be larger than debit card, credit card or ACH transactions. The report also shows that the dollar amount of checks increased from 2003 to 2006 from $40 to $41.7 trillion.

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

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