Check 21


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Check 21

Shorthand for the Check Clearing for the 21st Century Act; legislation that allows faster processing of checks by financial institutions by allowing them to process images rather than physical pieces of paper. The law also allows the creation of substitute checks that are processed immediately.

References in periodicals archive ?
Check 21 introduces extraordinary complexity into the management of check information and demands a fast, powerful database for capturing significantly greater amounts of information and greater power for accurately routing the information.
Our new relationship with CFC Technology enables easy adoption of Check 21 solutions by small and medium-sized organizations," said Andy Lawrence, Worldwide Solutions Business Manager, Document Imaging, Graphic Communications Group.
In addition to its Check 21 Readiness and Assessment training Carreker offers a full range of Check 21 consulting including Customer Awareness Seminars, image migration planning, and implementation and integration services, as well as Check 21-related technology for distributed capture, image exchange, image replacement documents, image quality, and image-enabled back office functions.
one result of the September 11th event was that Congress, in 2003, passed legislation known as Check 21 (Check Clearing for the 21st Century Act) that permitted a printed copy of the digital image of a check (a "substitute check") to have the same legal force as the original item.
7, 2013 /PRNewswire/ -- CheckAlt, a Check 21 application company, announced today a new payments solution designed for credit unions and community banks called CheckAlt Batch.
The Check 21 Act enables banks to handle more checks electronically so they can process them more quickly and efficiently (Check 21 Act, [section]2).
Check 21 did not mandate that banks image-enable processing operations or exchange images with other banks.
7) While Check 21 has great benefits it does not have everyone's support.
payment system from interruption, the Check 21 Act became effective October 28, 2004.
Check 21 also eliminates the return of original checks to consumers, who instead are entitled to substitute checks or reproductions of original checks.
The Check 21 Act was enacted on October 28, 2003, and becomes effective on October 28, 2004.