Image Downloads

Industry Statistics — June 2008

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.
On an average day during June 2008, almost 11,000 institutions received almost 41 million check images for posting. These total 10.6 billion checks per year and $12.9 trillion. Also, another 13.5 million checks per day that were sent as images and delivered to paying institutions as substitute checks. These totaled 3.4 billion checks per year and $4.6 trillion.
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.

# Of Images & Substitute Checks

Amounts of Images & Substitute Checks

Number of R/Ts Receiving Images

Average # of Images Received/Day

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