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Imaging: As Fed Hurries Up, Banks Catch-Up: Increasing costs and diminishing options for traditional paper check processing have forced most banks to adopt imaging. The holdouts have a rude awakening in store as the Fed scales down paper operations faster than expected.
- Article from:
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Bank Technology News
- Article date:
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June 1, 2008
- Author:
- Fest, Glen
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Bob Steen modernized his small Iowa bank to clear check images years ago, but Bridge Community Bank is still not pulp-free. Forty percent of our items have to be converted back to paper, says the chairman and CEO of the $55 million Mechanicsville bank. Thats nuts.
Steen voices whats on a lot of minds these days. Despite major gains in image clearing in the past year an 89 percent surge to 42.1 million daily images in March, according to e-check clearinghouse ECCHOonly 60 percent of U.S. institutions are capable of receiving images.
The bottleneck is small and mid-tier banks that still havent become image-enabled; but that may be solved soon enough. According to the ...