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Low-balling check numbers? number of checks being cleared between banks than
the Fed's study would indicate. David Walker, Executive
The Fed said it would publish a more detailed report of its Director of ECCHO, said the discrepancy could be even
survey findings in early 2014, and if the Fed's past studies greater assuming that industry consolidation creates more
are an indication, the check numbers will be tweaked. I "on us" check volume.
would expect the final check numbers to be higher, which
would be more in line with industry data. Could there be a problem with the data source? The Fed
explained that it studied a random sample of checks
Image technology has radically changed the value processed by 11 banks that use the Viewpointe image
proposition for writing and accepting checks. Evidencing archive, but didn't say which banks.
this, about 97 percent of all checks clear through the
banking system as electronic images, by the Fed's count, Walker said ECCHO stands by its numbers, adding that he
and an increasing number (3.4 billion in 2012) are getting has reviewed them with contributing sources and found no
deposited as images instead of as paper using banks' remote double counting. He opined that the Fed's sample may have
deposit capture (RDC) services. There are three networks been too small. Or it could be the point in time when the
that banks typically use to exchange check images. sample was taken. Viewing ECCHO's monthly electronic
exchange data, it's apparent that during some months (July,
These are operated by The Clearing House, the Fed for example) fewer checks enter the collection stream than
and Viewpointe. The Electronic Check Clearing House during others.
Organization, a private-sector group that manages the
image exchange rules process, collects data from these "We do periodic data collection from banks, and pulling
three networks, and from a group of banks that often data one time almost always requires multiple attempts to
skip the exchanges and send image check files directly to get it right. Our ongoing data collection process is more
paying banks. reliable," Walker said.
According to ECCHO data, banks exchanged nearly 16.4
billion image check files in 2012. Add to that on-us checks Patti Murphy is Senior Editor of The Green Sheet and President of
– ECCHO puts that number at just under 4.3 billion, based ProScribes Inc. She is also the founder of InsideMicrofinance.com. Email
on past trends – and a picture emerges of a much larger her at patti@greensheet.com.
30
Low-balling check numbers? number of checks being cleared between banks than
the Fed's study would indicate. David Walker, Executive
The Fed said it would publish a more detailed report of its Director of ECCHO, said the discrepancy could be even
survey findings in early 2014, and if the Fed's past studies greater assuming that industry consolidation creates more
are an indication, the check numbers will be tweaked. I "on us" check volume.
would expect the final check numbers to be higher, which
would be more in line with industry data. Could there be a problem with the data source? The Fed
explained that it studied a random sample of checks
Image technology has radically changed the value processed by 11 banks that use the Viewpointe image
proposition for writing and accepting checks. Evidencing archive, but didn't say which banks.
this, about 97 percent of all checks clear through the
banking system as electronic images, by the Fed's count, Walker said ECCHO stands by its numbers, adding that he
and an increasing number (3.4 billion in 2012) are getting has reviewed them with contributing sources and found no
deposited as images instead of as paper using banks' remote double counting. He opined that the Fed's sample may have
deposit capture (RDC) services. There are three networks been too small. Or it could be the point in time when the
that banks typically use to exchange check images. sample was taken. Viewing ECCHO's monthly electronic
exchange data, it's apparent that during some months (July,
These are operated by The Clearing House, the Fed for example) fewer checks enter the collection stream than
and Viewpointe. The Electronic Check Clearing House during others.
Organization, a private-sector group that manages the
image exchange rules process, collects data from these "We do periodic data collection from banks, and pulling
three networks, and from a group of banks that often data one time almost always requires multiple attempts to
skip the exchanges and send image check files directly to get it right. Our ongoing data collection process is more
paying banks. reliable," Walker said.
According to ECCHO data, banks exchanged nearly 16.4
billion image check files in 2012. Add to that on-us checks Patti Murphy is Senior Editor of The Green Sheet and President of
– ECCHO puts that number at just under 4.3 billion, based ProScribes Inc. She is also the founder of InsideMicrofinance.com. Email
on past trends – and a picture emerges of a much larger her at patti@greensheet.com.
30
