November 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 some 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 November 2012, over 270,000 items were received as unpaid image returns.  When the November volume is annualized, it totals 68 million for $80 billion.  The average unpaid image return was $1,186.

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More than 24,600 routing transit numbers are available to receive check images and over 13,200 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 November to 0.2 million.

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On an average day during November 2012, over 65 million check images were received for posting. When the November volume is annualized, it totals 16.3 billion for $21.6 trillion.  Also, another 11 thousand checks per day were sent as images and delivered to paying institutions as substitute checks.  The annualized volume of substitute checks received in November totaled only 3 million checks for $3.6 billion.

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