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Article: The Bank of New York Initiates Electronic Check Presentment to the Federal Reserve Bank of Chicago
- Article from:
- PR Newswire
- Article date:
- August 25, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. 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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The First Bank in the New York Area to Send an Electronic Cash Letter
to the Federal Reserve Bank of Chicago
NEW YORK, Aug. 25 /PRNewswire/ -- The Bank of New York announced today that it has successfully begun the transmission of electronic cash letters to The Federal Reserve Bank of Chicago, and its Detroit branch. In doing so, the Bank becomes the first in the New York area to adopt this system of check presentment with The Federal Reserve Bank of Chicago.
Electronic Check Presentment (ECP) is a process whereby a depositing bank sends the paying bank, or a Federal Reserve Bank, an electronic transmission containing ...