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Beyond Images: The Impact of Declining Check Volumes in the United States

Published by: TowerGroup

Published: Dec. 25, 2006 - 9 Pages


Table of Contents



TowerGroup Take-Aways

Report Coverage

Check Volume in Decline

Check Clearing for the 21st Century Act

Check Entropy

Exhibit 1 Check Usage in the United States (2000-09P)

Replacement of Checks

ACH Check Conversion

Exhibit 2 US Automated Clearing House Check Conversion by Type (2005-06)

Impact of Government Payment Practices

The Federal Reserve in Transition

Federal Reserve Check Clearing

Technology and Cost Impact

Exhibit 3 Federal Reserve Check Processing Centers and Check Volume (2003-07P)

Commercial Bank Impacts

Increasing Costs of Paper Checks

Transportation Services

Competition from Electronic Alternatives

Exhibit 4 Noncash Payments in the United States by Type (2000-09P)

Pricing Pressures

Summary

Abstract

Image exchange is on the verge of becoming a mainstream method for clearing checks, but commercial banks and the Federal Reserve Banks must now support both paper and image clearing processes in a market undergoing a steady reduction in check issuance and processing. This TowerGroup Research Note explores the apparent paradox of declining check volumes and increased investments in image exchange technology. It offers an insight into check volume trends and the associated impact on Federal Reserve and commercial bank processing.

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