MOSINEE, Wis. – The payment processing industry as financial institutions have come to know it will be radically altered by the Check Clearing for the 21st Century Act, also known as Check 21. Wausau Financial Systems has examined some of the implications of the legislation in a 29-page white paper on "The Impact of the Evolving U.S. Payments System." "The payment processing industry is in the midst of a dramatic change. The financial industry is actively pursuing check truncation and the electrification of payments, which will dramatically improve efficiency, and cost savings. Changing legislation, advancements in technology, and a ground swell of customer acceptance has combined to form the perfect atmosphere for no less than a revolution in the payment processing industry," the white paper reads. In addition to discussing the effects of Check 21 on item processing and the payment processing industry, WFS' white paper also addresses how check truncation and provisions of the legislation will help to reduce check fraud. The impacts on financial institutions are wide ranging and do not only involve the operations groups. It is extremely important that organizations understand where all the impacts are and how they must address them, said Sandy Kurtz, senior product manager at WFS.