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 30 months after the effective date of Check 21, more than 8 billion check payments
totaling $11.5 trillion per year have already moved from the traditional paper-based clearing process to improved
image-based processes. Based on the 2004 Federal Reserve Payments Study, that amount is five times greater than
the sum of all debit card payments ($.6 trillion) and all credit card payments ($1.7 trillion).
On an average day during April 2007, more than 6,100 institutions received 21.2 million
check images for posting. These total 5.4 billion checks per year.
This Check Image 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.
