July 2012

Key Messages:

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This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges.  Effective January 2011, we are able to include direct exchanges between banks as well as on-us image volumes.

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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.

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Institutions are receiving electronic delivery of their unpaid image returns.   On an average day in July 2012, over 253,000 items were received as unpaid image returns.  When the July volume is annualized, it totals 63.8 million for $71.6 billion.  The average unpaid image return was $1,122.

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More than 24,500 routing transit numbers are available to receive check images and over 12,300 are available to receive returns.

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The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 99% as of April to 0.3 million.

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On an average day during July 2012, over 65 million check images were received for posting. When the July volume is annualized, it totals 16.4 billion for $21.8 trillion.  Also, another 16 thousand checks per day were sent as images and delivered to paying institutions as substitute checks.  The annualized volume of substitute checks received in July totaled only 4.1 million checks for $5 billion.

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