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 9.8 billion annual check payments totaling $14 trillion per year
have already moved from the traditional paper-based clearing process to improved image-based processes.
On an average day during July 2007, almost 6,900 institutions received 26.4 million check
images for posting. These total 6.7 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.
