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Check Processing - Check 21 or FED X9.37 Deposit

Prior to October 2004, the check clear process involved the physical transfer of paper checks among banks and check clearing houses. This transfer often took several days, especially for banks located in different parts of the country and different Federal Reserve districts. This created what was commonly termed "float." Float is the difference between when a check is written (and presumably used to purchase a good) and when the funds are actually deducted from the account.

In 2004, the Check Clearing Act for the 21st Century (termed Check 21) eliminated the physical transfer of checks, which streamlined the check clearing process and reduced the float (much to the dismay of bank customers who relied on float to keep their personal finances afloat). Rather than physically transferring actual checks, Check 21 allowed the electronic transfer of digital images, which takes seconds rather than days and speeds up the check clearing process significantly.

Our Check 21 module provides a Check 21 compliant Cash Letter with the check image archive file and transports electronically via an industry standard format (i.e. FED ANSI Standard X9.37) to a check clearing house or directly with the FED.

Check check scanner       screen capture

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