Electronic imaging exchange created by Check 21 legislation has been available for almost 5 years. Congress passed Check 21, formally, the Check Clearing for the 21st Century Act, in October 2003, and it took effect Oct. 28, 2004 as a way to keep the check-processing system working in the event of a serious disruption that prevents paper checks from getting from depository to paying banks.
During that time, electronic check payments have soared, and the volume of image replacement documents have rapidly decreased. According to by the Electronic Check Clearing House Organization (ECCHO), the number of image-replacement documents totaled 160.5 million in June, down 43% from 283.3 million items in June 2008.
ECCHO data is compiled from national image-exchange networks and settlement services, including the Federal Reserve, The Clearing House Payments Company, SVPCO, and the National Clearing House Association.
Image exchange items received totaled 1.15 billion in June, up 34% from 852.5 million a year earlier. In the same period the average number of images received per day grew 28% to 52.1 million, or 71% of all transit checks, from 40.6 million. The combined dollar value of image and IRD items received rose 7% to $1.56 trillion in June from $1.46 trillion a year earlier.
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