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Federal Reserve Banks Are Prepared for Check 21

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Federal Reserve Banks Are Prepared for Check 21

Implementation of the Check Clearing for the 21st Century Act—commonly called Check 21—is finally here. On Oct. 28, financial institutions around the country can take advantage of the potential time and cost savings of the new law.

As the nation’s largest processor of interbank check payments—clearing approximately half of all interbank checks written in the United States—the Federal Reserve banks stand ready to help you improve and streamline your payments operations.

New product suites designed for Check 21 will allow your institution to take advantage of the Fed’s nationwide clearing network, which can offer your financial institution faster clearing at much later deadlines, help reduce risk through expedited returns processing and lower your institution’s end-to-end clearing costs.

The FedForward^SM product suite is designed to help you clear dollars more quickly, reduce transportation, streamline backroom operations and extend deadlines. FedForward products include FedForward Image Cash Letter Deposit and Electronic Endpoint Group Sort.

The FedReturn^SM product suite can help you transform your inbound and outbound returns processing operations, streamline backroom operations, improve quality and speed the returns process. FedReturn services include Qualified Return Image Cash Letter Deposit, Derived Returns and Bank of First Deposit Return Information Service.

The Federal Reserve’s new inclearing services, such as FedReceipt^SM and FedReceipt Plus, can help paying banks shift to electronic check receipt and maximize the benefits associated with electronic processing.

Existing electronic-processing products, such as FedImage^SM Services (which includes FedImage Capture, Archive, Retrieval and Delivery), can round out your Check 21 solutions package, giving your institution the flexibility and efficiency you demand.

To learn more about pricing for the new Check 21 product lines, contact your account executive or visit www.frbservices.org and choose Check 21.

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