Check 21 - Providing Quality Solutions Since 1987

Check Clearing for the 21st Century Act

Check 21 is designed to enable banks to handle more checks electronically, which should make check processing faster and more efficient. Companies can take advantage of Check 21 by scanning their checks and/or remittance stubs, electronically send those checks to the bank and create a posting file for their accounting program.  Thus eliminating the daily trip to bank and streamlining the process entering the remittance stubs into their accounting program.

Remote Deposit Check 21 Solution -Click Here

The purpose of the Check 21 Act To facilitate check truncation To foster innovation in the check payment system without mandating receipt of checks in electronic format To improve the payment system overall Negotiable instrument, called a "substitute check" If the substitute check meets the Act’s requirements, then it is the legal equivalent of the original paper check A substitute check can be processed in the same manner as the original paper check Parties cannot refuse to accept a substitute check that meets the Act’s requirements "Parties" includes everyone: other banks, paying customers, depositing customers, consumers, corporations, Federal Reserve, processors, etc. Legal equivalence only for substitute checks The Act facilitates check truncation and electronic/image exchanges but does not provide legal equivalence for electronic check or image presentment Systems and clearing arrangements involving electronic check or image presentment still require agreement of the parties who accept the electronic form of the instrument for value The Act encourages the use of electronics by empowering banks to truncate original checks, process them electronically and, where necessary, provide paper substitute checks

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