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.
More than 12.2 billion annual check payments totaling $14.7 trillion
per year have already moved from the traditional paper-based clearing process to improved
image-based processes.
On an average day during October 2007, more than 7,800 institutions
received more than 34 million check images for posting. These total 8.7 billion checks per year.
This CheckImage Collaborative image clearing report reflects transactions
settled through the Federal Reserve, 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
Data Sources for all Statistics:
Transaction settled through the Federal Reserve, NCHA and SVPCO with no duplicate counting.
