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What is Check 21?
The Check 21 Act was signed into law in October of 2004. The Act provided the legal framework for the financial services industry to move to image capture check items and clear these items electronically, which means banks can now truncate the physical checks and exchange digital images instead of transporting the actual paper checks. In response, many financial institutions have adopted branch and remote capture solutions or are actively evaluating the costs and benefits of migration to image capture.
There are many providers of Check 21 solutions and market partnerships have been formed to take advantage of the emerging market opportunities caused by this major shift in the technology of processing and clearing of checks. Partnerships have taken many forms, ranging from financial institution and vendor partnerships to the establishment of check clearing and exchange networks. PCBB believes these partnerships will help increase the market adoption rate of image capture and electronic check clearing with significant benefits to all participants in the payment processing stream.
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"When we work with PCBB we know that we will receive high quality, high touch support from employees which has solidified a strong and growing relationship with our Regal Team." ~ Micki Carrithers, SVP & Chief Financial Officer, Regal Financial Bank, Seattle, WA |
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