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Industry Statistics — October 2007

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.
  
  
• 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.

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