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Usability and Image Quality: Why Both are Important in Check Truncation with Check 21
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Today
- Article date:
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August 1, 2004
- Author:
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Copyright informationCopyright Association for Work Process Improvement Aug 2004. Provided by ProQuest LLC. (Hide copyright information)
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Check 21 will go into effect in October 2004, enabling what many banks have been anticipating-check truncation and the many benefits that go with it. Greater efficiency processing electronic files versus paper checks and reduced transportation costs are expected to net $2 billion in industry-wide savings.
Check truncation will reduce the time required for transfer of funds from one bank to another, expediting the collection and posting process and thereby reducing the risk of lost items, and more importantly, reducing exposure to fraud. Additionally, check truncation can eliminate or minimize the physical sorting of checks and manual encoding of amounts, reducing the number of times that a ...