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Washington
Inside Washington (11/20/2008)
* WASHINGTON (11/21/08)--The financial services industry’s conversion to check imaging from paper check processing is nearly complete, payments executives estimate (American Banker Nov. 20). The shift to imaging is increasing sharply, said Richard R. Oliver, executive vice president, Federal Reserve Bank of Atlanta and manager of the Fed’s retail payments office. By the end of next year, the Federal Reserve expects to consolidate its item-processing operations to two locations--one in Atlanta for images, and one in Cleveland, Ohio, for paper checks and adjustments. Some check processors report that they are imaging nearly 100% of their incoming checks. Fiserv Inc., a nonbank check processor, is imaging 100% of its checks. Clearing House Payments Co. LLC said its image-exchange customers are sending 85% to 90% of their checks as images. Clearing House also reported that its volume grew 67% in October compared with last year. ...


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