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.
Approximately 8.8 billion check payments totaling $12 trillion per year
have already moved from the traditional paper-based clearing process to improved image-based
processes.
On an average day during June 2007, more than 6,400 institutions received
23.2 million check images for posting. These total 5.8 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.
