Check/Check 21 Services

The continuing progression of Check 21-enabled Services

Did you know that over 90 percent of all forward and return deposits and forward presentments are now made through Check 21-enabled Services, with almost 60 percent of return items delivered electronically? These numbers clearly demonstrate that the payments industry continues to evolve at a rapid pace. The Federal Reserve Banks constantly strive to keep up with this pace by enhancing our Check 21-enabled Services. This summer, more Check 21 suite enhancements will be available. In addition, due to rapidly declining paper volumes, restructuring of the remaining paper check processing configuration will continue.

What’s new?

Since its initial launch in 2006, FedReceipt^® Services has expanded its capabilities and realized high customer adoption. The following changes took effect July 1, 2010, which will enable you to see more value for your dollar in adopting electronic check services:

• A Super-Premium FedReceipt File Delivery option will allow you to heighten your performance capabilities and take advantage of an end-to-end electronic check network.
• The file and item fees for forward and return FedReceipt Services Non-Imageable File Delivery were eliminated, reducing your costs.

Additionally, as part of our restructuring initiative, we are evaluating remote print locations and presentment transportation structures to determine when activities can be further consolidated. Due to the high adoption rate of FedReceipt and FedReceipt Returns Services, Federal Reserve-sponsored presentment transportation will be discontinued over the next few months.

What are the benefits?

Check 21-enabled Services continue to prove to be the better check services solution for you. Converting from paper check services to more timely, reliant electronic check services helps streamline your backroom operations and improve quality of service. Check 21-enabled Services offer the benefits of payments efficiencies, like faster notice of returns, while providing the ability to choose specific services that best meet your business objectives. The cost savings gained can include time and money spent on:

• Transportation
• Postage
• Equipment
• Maintenance
• Personnel

To learn more about how our Check 21-enabled Services can enhance your organization’s electronic processing, contact your account executive or review the online resources.

What’s ahead?

Looking toward 2011, the Federal Reserve Banks remain committed to adapting their check services to continue to respond to the rapid decline in paper check processing and align with the increasingly electronic check services industry.

We are committed to continually reviewing our service offerings to assess areas of needed improvement and opportunities to offer you cost savings. You can keep pace with the latest check services news in future issues of FedFocus, or by visiting the Check Services online resources.

Top of Page