SUDDEN Impact: Checks

Voelker, Michael P.
November 2003
Bank Technology News;Nov2003 Supplement, p30
Trade Publication
The article focuses on aspects of Check 21 legislation aimed at promoting check truncation by replacing paper checks with digitized images. Check 21 enables banks and other financial institutions to provide check substitutes referred to as image replacement documents (IRDs) which, are copies of original checks. These substitute checks have the same legal validity as paper checks. Although the legislation addresses the legality of the IRDs, it does not regulate electronic check image transmission and exchange.


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