Fed announces Check 21 strategy
WASHINGTON, DC -- The Federal Reserve has developed a strategy to facilitate the implementation of the Check Clearing for the Twenty-first Century (Check 21) – a legislation that would allow banks to process check information electronically.
With the strategy, the Fed would accommodate the evolution of the payments system from paper check processing to electronic processing, a development driven by a significant broad-based change in user preference.
The strategy will entail launching new services and products to support the implementation of Check 21 in October, as well as streamlining its check processing infrastructure by discontinuing check processing at locations to be announced later in the year.
Reserve banks
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