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Article: First Check 21 Wave: Remote Image Capture.(Check Clearing for the 21st Century Act)(Industry Overview)
- Article from:
- American Banker
- Article date:
- November 12, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Financial technology executives a year ago were predicting that by fall 2004, as soon as the Check Clearing for the 21st Century Act took effect, there would be a wholesale shift by banks to settling transactions with images.
But two weeks after the Oct. 28 implementation date, it has become clear that image exchange is still very much a work in progress for most banks and that the first Check 21 application to really take off will probably be remote capture for corporate customers.
This service -- which has businesses converting paper checks into digital images at their own locations and depositing the funds by transmitting the files to the bank ...