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Unexpected Rewards of Check 21 - Checks Are Really Going Away, But That's Just the Beginning

Like the Internet, which was initially received as a worldwide "huh?" and now dominates our daily lives, electronic check processing has slowly ramped up to today's tidal wave of activity. Check 21 is rocking the payments world.

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Like the Internet, which was initially received as a worldwide “huh?” and now dominates our daily lives, electronic check processing has slowly ramped up to today’s tidal wave of activity. Check 21 is rocking the payments world.

Checks are going electronic. From the smallest credit union to the largest mega-bank, financial institutions are converting checks into images for processing. Last September, the Federal Reserve reported that 50% of its “forward items” were deposited as image cash letters rather than paper.

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