Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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. ...


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
9 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
10 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
12 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
14 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
15 hours ago