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 This "Check 21" legislation is expected to improve the efficiency of the nation's payment processing system by allowing banks to exchange checks electronically. In fact, in order to encourage the financial services industry to move in this direction, the Federal Reserve has recently issued a set of deadlines which will hasten this conversion to the electronic era.
All checks and payment notifications that the Fed sends to your bank or credit union, via Fed Receipt, will be sent electronically by the end of December 2008. All banks and credit unions will be required to have solutions in place to accept this form of communication by this time. The Fed will issue no more paper after the end of 2008.
It is projected that by the end of 2010, the Fed will stop accepting paper forms of check. When the Fed implements these guidelines, all financial institutions will be required to be online with the Fed Forward electronic check processing method, or Check 21.
With these deadlines quickly approaching, many banks and credit union executives don't know where to go for these types of solutions, but don't want to wait until the last minute and be left without options come December. The answer is Imagex, a company with a wealth of experience implementing and supporting Check 21 solutions for banks and credit unions alike. We understand the financial services industry; and we understand how to best tailor our products to your needs. We work with a package developed by C&A Associates, whose Check 21 solutions are among some of the most highly lauded in the country.
 C&A's Check 21 Express Package offers an out-of-the box, rapidly deployable solution that can make your transition from paper check processing to the electronic era seamless and smooth. The product suite allows financial institutions to exchange electronic cash letters with images directly to the Federal Reserve. This eliminates the need to encode and courier outbound checks, which can cut costs by the thousands.
For more information on this product, click here for a full data sheet or feel free to call one of our account representatives at 1-800-7-IMAGEX (462439).
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