A Banker's Guide to Checks in the 21st Century

November 2003
Bank Technology News;Nov2003 Supplement, p25
Trade Publication
The article presents some of the terms related to field of banking. Accounts receivable check conversion is an automated clearinghouse transaction format supporting electronic clearing and settlement of checks. Check Clearing for the 21st Century Act or Check 21 legislation enables financial institutions to truncate checks and exchange electronic files instead of paper checks. Check truncation means conversion of paper checks to electronic payments. Image replacement documents are paper substitutes formed from check image files.


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