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.
Just 28 months after the effective date of Check 21, 6.7 billion check payments
totaling $8.8 trillion per year have already moved from the traditional paper-based clearing process
to improved image-based processes. Based on the 2004 Federal Reserve Payments Study, that amount is
much greater than the sum of all debit card payments ($.6 trillion) and all credit card payments
($1.7 trillion).
On an average day during February 2007, more than 6,400 institutions received
16.4 million check images for posting. These total 4.1 billion checks per year.
This Checkimage Collaborative industry image clearing data reflects transactions
settled through the Federal Reserve, NCHA and SVPCO. 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.
