The March of E-Payments Hits a Big Milestone

January 2005
Bank Technology News;Jan2005, Vol. 18 Issue 1, p15
Trade Publication
The article reports that Americans are using electronic channels more than checks. The Federal Reserve says the number of electronic payment transactions totaled 44.5 billion, compared to 36.7 billion checks in 2003, the latest year for which data is available. The numbers reveal a balance that's permanently shifted away from check writing, and the realization of predictions that people have been making for years. The milestone alone does not immediately validate any electronic-payment product that comes down the pike, nor does it sound a final dirge for paper


Related Articles

  • Fed Hikes Priced-Services Fees. Mullins, Luke // American Banker;11/3/2005, Vol. 170 Issue 212, p3 

    The article reports that, beginning January 1, 2006, the Federal Reserve will charge banks about 3% more for priced services such as processing, delivering, sorting, and returning checks and providing electronic payment services. The Fed hopes to encourage banks to increase their use of...

  • Check Image Exchange Gets Added Automation. Bills, Steve // American Banker;6/7/2007, Vol. 172 Issue 109, p18 

    The article reports that Viewpointe Archive Services LLC and the National Clearing House Association have begun providing an integrated "settlement exchange for check image exchange," including returns and adjustments, for 15 banks. Banks clearing checks with multiple trading partners can see...

  • So long to canceled checks.  // Consumer Reports;Aug2004, Vol. 69 Issue 8, p47 

    Warns consumers that banks will begin withholding canceled checks from monthly statements, decrease float time, and will make other processing changes. Details of the Check Clearing for the 21st Century Act, or Check 21; Goals of implementing more electronic check clearing so as to reduce the...

  • The Tech Scene: New E-Check Concept -- It's Evolutionary . Costanzo, Chris // American Banker;2/5/2003, Vol. 168 Issue 24, p1 

    Focuses on the evolution of electronic checks in the U.S. banking industry, as of February 5, 2003. Comparison of the efforts made by banks for the development of electronic checks since 1990; Development of Universal Value Exchange system by a consortium of bankers.

  • WesPay Trio Begins Electronic Check Settlement. Wade, Will // American Banker;9/30/2003, Vol. 168 Issue 188, p11 

    The Western Payments Alliance announced on Monday that three of its member banks have begun a check image exchange pilot program, making them only the second group in the country to settle check transactions in an electronic format. At least two other organizations are developing similar...

  • Federal checks still in the mail. Leuchter, Miriam // U.S. Banker;Sep98, Vol. 108 Issue 9, p10 

    Reports that as of January 2, 1999 all federal checks in the United States will be issued electronically using a program known as the electronic funds transfer (FET) 99. Types of checks which will continue to be issued by paper printing; Estimated amount of money which EFT 99 will save the...

  • So Much for the Checkless Society.  // Consumers' Research Magazine;Feb99, Vol. 82 Issue 2, p7 

    Reports on the resistance of the United States to electronic and other nontraditional methods of bill payment. Reason people in the country prefer to use checks in all bill payment transactions; Disadvantages of using checks.

  • The echeck cometh...as a replacement for paper checks. Coven // Business Credit;Oct99, Vol. 101 Issue 9, p34 

    Discusses the future of echeck, an electronic version of a paper check developed by the Financial Services Technology Consortium (FSTC). Key features; Security safeguards; Differences with other alternative payment systems; Comparisons with the traditional paper checks.

  • Consumers View & Pay More Bills Online. Robertson, Elizabeth // Credit Union Executive Center;12/9/2002, pN.PAG 

    Deals with the popularity of the use of paper checks in the U.S., as of November 2004. Barriers to the use of electronic bill presentment and payment (EBP&P); Consumer attitudes about EBP&P; Growth in the use of online bill payment.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics