October 2010

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.  As a result the volumes do not include all transit items across the industry.  Additionally, they do not include 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 October 2010, over 251,000 items were received as unpaid image returns.  When the October volume is annualized, it totals 63 million for $70 billion.  The average unpaid image return was $1,108.

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More than 23,400 routing transit numbers are available to receive check images and over 9,400 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 96% as of October 2010 to 12.4 million.

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On an average day during October 2010, over 62 million check images were received for posting.  When the October volume is annualized, it totals 15.7 billion for $18.8 trillion.  Also, another 620 thousand checks per day were sent as images and delivered to paying institutions as substitute checks.  These totaled 156 million checks per year and $174.4 billion.

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