July 2013

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 some on-us image volumes.

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Implementation of check image exchange for check collections is virtually complete.  As a result, the volume of check images received at the paying bank will mirror the overall check volumes which have been in decline.  The rate of check volume decline indicated by this data is an annual average of 3.53% between July 2011 and July 2013.

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On an average day in July 2013, over 236,000 items were received as unpaid image returns.  This represents a return rate of 0.39%.

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More than 24,700 routing transit numbers are available to receive check images and over 13,800 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 more than 99% as of July 2013 to 0.2 million.

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On an average day during July 2013, over 60 million check images were received for posting. When the July volume is annualized, it totals 15.2 billion for $21.3 trillion.  Also, another 97 hundred checks per day were sent as images and delivered to paying institutions as substitute checks.  The annualized volume of substitute checks received in July 2013 totaled only 2.5 million checks for $3.1 billion.

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