September 2007

Key Messages:

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

Paper checks are being transitioned to electronic images of checks at a pace that is unprecedented.  Check images are currently collected in two forms, as substitute checks and as check images.

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

Substitute checks assist in evolving traditional paper check clearing to image-based clearing.  As a precursor to full check image exchange, the number of substitute checks is a positive indication of the acceptance of image exchange.

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

More than 11.1 billion annual check payments totaling more than $14 trillion per year have already moved from the traditional paper-based clearing process to improved image-based processes.

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

On an average day during September 2007,  7,400 institutions received more than 30 million check images for posting.  These total 7.6 billion checks per year.

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

This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, NCHA, SVPCO and local / regional exchanges.  When the same payments were cleared through two or more of these organizations, those payments were counted only once.

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