BROOKFIELD, Wis. – When image exchange is in full bloom, paper items will be a thing of the past, but the industry isn't there yet by a long shot.
In fact, according to Fiserv, the largest nonbank processor of checks, the volume of paper IRDs, or substitute checks, is increasing dramatically.
"Institutions are starting to use the substitute check as a way to return checks and statements," said Steve Ward, division president in Fiserv's item processing group.
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