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  1. Check Image 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. • Almost 14 billion annual check payments totaling more than $17 trillion per year have already moved from the traditional paper-based clearing process to improved image-based processes. • On an average day during December 2007, more than 8,600 institutions received almost 40 million check images for posting. These total 10 billion checks per year. • This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, PaymentsNation (formerly NCHA), SVPCO and local / regional exchanges. When the same payments were cleared through two or more of these organizations, those payments were counted only once. • The 2007 Federal Reserve’s Payments Study shows that the volume of checks (both written and paid) continue to be larger than debit card, credit card or ACH transactions. The report also shows that the dollar amount of checks increased from 2003 to 2006 from $40 to $41.7 trillion.

  2. Highlights: Chart reflects volume received by DFIs for payment from other DFIs or an intermediary. Average daily image volume grew from 14.3 to 39.9 million or by 179% from December 2006 to December 2007. December 2007 volume annualized is 10 billion images received per year. Base on the Fed’s 2007 Payments Study this is 33% of all check cleared in 2006. 40.0 Average # of Images Received /Day 35.0 39.9 Million Images / Day 30.0 25.0 14.3 Million Images / Day 20.0 # Items in Millions 15.0 10.0 Data Sources: Transactions settled through the Federal Reserve, PaymentsNation, SVPCO and other local / regional exchanges 5.0 0.0 Jul-07 Oct-07 Apr-07 May-07 Sep-07 Feb-07 Mar-07 Dec-06 Jan-07 Dec-07 Jun-07 Nov-07 Aug-07

  3. Highlights: Chart reflects the number of paying bank R/Ts receiving check images. Many R/Ts through December 2007 were for individual institutions. The number of R/Ts that received images almost doubled between December ’06 & December ‘07 from 6,376 to 12,537. 12,537 routing transit numbers represents more than 8,600 institutions or approximately 52% of all U. S. institutions are receiving check images. Number of R/Ts Receiving Images 12,000 10,000 Image Receiving R/Ts 12,537 8,000 # of R/Ts Receiving Images 6,000 4,000 2,000 Data Sources: Transactions settled through the Federal Reserve, PaymentsNation, SVPCO and other local / regional exchanges 0 Jul-07 Oct-07 Apr-07 May-07 Sep-07 Feb-07 Mar-07 Jan-07 Dec-06 Dec-07 Jun-07 Nov-07 Aug-07

  4. Highlights: All checks were imaged before reconversion to substitute checks. Chart reflects volume received by DFIs for payment from other DFIs or an intermediary. Over 13 month period Image-based clearing volume grew from 480 to 1,082 million / mo or by 125% with 74% of the volume cleared by image in December 2007 (Only 20 days in Dec). The annualized December ‘07 volume (13.6 billion items/yr.) is approximately 44% of total check volume cleared. # of Images & Substitute Checks Forward Collection Only 1,000 800 600 Images # Items in Millions 400 200 Substitute Checks Data Sources: Transactions settled through the Federal Reserve, PaymentsNation, SVPCO and other local / regional exchanges 0 Jul-07 Oct-07 Sep-07 Apr-07 Feb-07 Mar-07 May-07 Dec-06 Jan-07 Dec-07 Jun-07 Nov-07 Aug-07

  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 $682 to $1,351 billion / mo or by 98%. Annualized December ‘07 dollar amount = $17.0 trillion/yr. $17 trillion is 41% of the total dollars cleared via check and is almost five times the sum of all debit card and credit card payments. $1,400 $ Amounts of Images & Substitute Checks Forward Collection Only $1,200 $1,000 $800 $ Amounts in Billions $600 $400 $200 Data Sources: Transactions settled through the Federal Reserve, PaymentsNation, SVPCO and other local / regional exchanges $0 Jul-07 Oct-07 Apr-07 Sep-07 May-07 Mar-07 Feb-07 Jan-07 Dec-06 Dec-07 Jun-07 Nov-07 Aug-07