Today's American Banker discuses the possibility to combining the new image clearing network (created as a result of Check 21) and the automated clearing house (ACH) network thereby increasing the number of collection endpoints for settling check images. This article is based on a panel discussion last week at NACHA's Payments 2006 conference.
One of the primary hurdles of Check 21 image clearing is the limited number of banks that are capable of receiving image cash letters from other banks. As a result, the Federal Reserve prints "IRD" copies of checks that were scanned and truncated upon receipt at the bank of first deposit.
The Tech Scene: New Project Could Link ACH, Image Networks
American Banker (subscription required)
Wednesday, May 17, 2006
By Will Wade