July 2010

Key Messages:

cropped-Checkmark-for-Page-ID-2.jpg

This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges.  As a result the volumes do not include all transit items across the industry.  Additionally, they do not include on-us image volumes.

cropped-Checkmark-for-Page-ID-2.jpg

Implementation of check image exchange for check collections is almost completed across the industry and the implementation of check image exchange for returns is rapidly approaching full implementation and stabilization of volume growth has begun.

cropped-Checkmark-for-Page-ID-2.jpg

Institutions are receiving electronic delivery of their unpaid image returns.   On an average day in July 2010, over 230,000 items were received as unpaid image returns.  When the July volume is annualized, it totals 58 million for $64 billion.  The average unpaid image return was $1,101.

cropped-Checkmark-for-Page-ID-2.jpg

More than 23,000 routing transit numbers are available to receive check images and over 9,500 are available to receive returns.

cropped-Checkmark-for-Page-ID-2.jpg

The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 91% as of July 2010 to 26.8 million.

cropped-Checkmark-for-Page-ID-2.jpg

On an average day during July 2010, over 55 million check images were received for posting.  When the July volume is annualized, it totals 14 billion for $16.5 trillion.  Also, another 1.3 million checks per day were sent as images and delivered to paying institutions as substitute checks.  These totaled 322 million checks per year and $366 billion.

(click the right and left arrows on the image below to navigate the slides or click here for full file)