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The future of the check: how Check 21 and emerging technologies will change our payments system.(Check 21)
As government finance professionals are aware, our national payments system is now undergoing significant evolutionary changes. In the past decade, adoption of electronic payment technologies in both the public and private sectors has accelerated, and dependence on the check as our nation's primary payment mechanism is declining. Consider the following statistics:
* In its 90th Annual Report to Congress, the Federal Reserve System reported that it processed 15.8 billion checks in 2003, 4.7 percent less than in 2002. This was the steepest rate of decline in the past four years. Meanwhile, the Fed's check processing unit cost increased to 5.1 cents, up 13.3 percent ...
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Source: HighBeam Research, The future of the check: how Check 21 and emerging technologies will...