X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

During a recent discussion with a credit union CEO, I was reminded of the pre-Check 21 challenges that many institutions faced. Paper-based check processing brought a unique set of issues ranging from inclearings soaked in a rainstorm (which incidentally had to be ironed dry) to mechanical failures with the giant check sorter/reader machines. Item processing in a paper-based environment was downright messy, and at times, felt like a nightmare. As a result, these problems prompted many financial institutions to outsource item processing to third-party providers that could better capitalize on economies of scale. But the industry as a whole has made huge strides in electronic check processing and I would venture to say few institutions are still relying on paper to clear and process payments.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.