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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:

• This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges. As a result the volumes do not include all transit items across the industry. Additionally, they do not include on-us image volumes.
  
  
• Implementation of check image exchange for check collections is almost completed across the industry and the implementation of check image exchange for returns is rapidly approaching full implementation and stabilization of volume growth has begun.
  
  
• Institutions are receiving electronic delivery of their unpaid image returns.   On an average day in June 2010, over 224,000 items were received as unpaid image returns. When the June volume is annualized, it totals 56 million for $61 billion. The average unpaid image return was $1,094.
  
  
• More than 22,900 routing transit numbers are available to receive check images and over 8,700 are available to receive returns.
  
  
• The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 88% as of June 2010 to 34.3 millio.
  
  
• On an average day during June 2010, over 59 million check images were received for posting. When the June volume is annualized, it totals 14.9 billion for $17.6 trillion. Also, another 1.5 million checks per day were sent as images and delivered to paying institutions as substitute checks. These totaled 392 million checks per year and $481 billion.

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

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