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Transitioning From Paper Checks to Electronic Images: A Game Changer in Payment Processing

griffin-mayer avatar
griffin-mayer
5 diapositives · 213 Views · Oct 26, 2014

The industry is witnessing an unprecedented shift from paper checks to electronic images of checks, enhancing traditional paper clearing through substitutes and improving image-based processes. As of March 2007, over 7 billion check payments totaling $9.4 trillion annually have transitioned, significantly outpacing debit and credit card transactions. The daily volume of electronic check images increased dramatically, indicating widespread acceptance of image exchange in the industry. As a result, approximately 41% of U.S. institutions are now receiving check images, marking a significant evolution in payment technology.

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Transitioning From Paper Checks to Electronic Images: A Game Changer in Payment Processing
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  1. Checkimage Collaborative Communications Work Group • Key Messages: • 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. • 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. • Just 29 months after the effective date of Check 21, 7 billion check payments totaling $9.4 trillion per year have already moved from the traditional paper-based clearing process to improved image-based processes. Based on the 2004 Federal Reserve Payments Study, that amount is more than four times greater than the sum of all debit card payments ($.6 trillion) and all credit card payments ($1.7 trillion). • On an average day during March 2007, almost 6,800 institutions received 17.9 million check images for posting. These total 4.5 billion checks per year. • This Checkimage collaborative industry image clearing data reflects transactions settled through the Federal Reserve, NCHA and SVPCO. When the same payments were cleared through two or more of these organizations, those payments were counted only once.

  2. Highlights: All checks were imaged before reconversion to substitute checks. Chart reflects volume received by DFIs for payment from other DFIs or an intermediary. Across the 13 month period Image-based clearing volume grew from 116.2 to 616.4 million / mo or by 430% with 64% of the volume cleared by image in March 2007. The annualized Mar ‘07 volume = 7.1 billion items/yr. is approximately 20% of total check volume cleared. 600 # of Images & Substitute Checks Forward Collection Only 500 400 # Items in Millions 300 200 100 Data Sources: Transactions settled through the Federal Reserve, NCHA and SVPCO with no duplicate counting 0 Jul-06 Jan-07 Apr-06 Oct-06 Mar-06 Jun-06 Feb-07 Mar-07 May-06 Aug-06 Nov-06 Sep-06 Dec-06

  3. Highlights: Chart reflects the number of paying bank R/Ts receiving check images. Most R/Ts through March 2007 were for individual institutions. The number of receiving R/Ts grew between Mar ’06 & Mar ‘07 from 3,215 to 8,508 or 165%. 8,508 routing transit numbers represents almost 6,800 institutions.  This means that approximately 41% of all U. S. institutions are receiving check images. Number of R/Ts Receiving Image Files 8,000 7,000 Image Receiving R/Ts 8,508 6,000 5,000 # of Receiving R/Ts 4,000 3,000 2,000 1,000 Data Sources: Transactions settled through the Federal Reserve, NCHA and SVPCO with no duplicate counting 0 Jul-06 Jan-07 Apr-06 Oct-06 Mar-06 Feb-07 Jun-06 May-06 Mar-07 Aug-06 Nov-06 Sep-06 Dec-06

  4. Highlights: Chart reflects volume received by DFIs for payment from other DFIs or an intermediary. Volume grew by 84% in 5 months – October ‘06 (9.75) to March ’07 (17.9). Average daily image volume grew from 1.83 to 17.9 million or by 878% from Mar 2006 to Mar 2007. 18.0 Average # of Images /Day 16.0 14.0 17.9 Million Image / Day 12.0 10.0 # Items in Millions 8.0 6.0 9.75 Million Image / Day 4.0 Data Sources: Transactions settled through the Federal Reserve, NCHA and SVPCO with no duplicate counting 2.0 0.0 Jul-06 Apr-06 Jan-07 Oct-06 Mar-06 May-06 Jun-06 Feb-07 Mar-07 Aug-06 Sep-06 Nov-06 Dec-06

  5. Highlights: All checks were imaged before reconversion to substitute checks. Chart reflects checks received by DFIs for payment from other DFIs or an intermediary. The dollar amount grew from $361 to $819 billion / mo or 127%. Annualized Mar ‘07 dollar amount = $9.4 trillion/yr. $9.4 trillion is 24% of the total dollars cleared via check and is greater than the sum of all debit card and credit card payments. $ Amounts of Images & Substitute Checks Forward Collection Only $800 $700 $600 $500 $ Amounts in Billions $400 $300 $200 Data Sources: Transactions settled through the Federal Reserve, NCHA and SVPCO with no duplicate counting $100 $0 Jul-06 Jan-07 Apr-06 Oct-06 Mar-06 May-06 Jun-06 Aug-06 Feb-07 Mar-07 Nov-06 Sep-06 Dec-06