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About Check 21 Direct |
Check 21 is the common name for the Checking for the 21st Century Act,
passed by Congress in October, 2003. It was in reaction to 9-11 when all aircraft were
grounded and checks could not be transported to be cleared. The "float" of the
Federal Reserve increase ten-fold. Something has to be done.
The Act became
effective in October 2004. By mid-2005, major banks are investing large sums of money
developing the ability to processes substitute checks, which were the focus of the Act.
These substitute checks are basically digital images of the front and the back of the
original check and are negotiable, just like the original check, which is to be shredded
2 weeks after the substitute check is created.
It has always been planned that third-party
solutions to Check 21 will play a major role in check processing, and the leading-edge
third party solution is from Check 21 Direct. As of June 2005, Check 21 Direct is
the only company we are aware of that is offering business a Check 21 solution
that is complete and marketplace tested.
By 2010, we at Check 21 Direct are confident that
all mid-market and larger companies in America will have implemented a
Check 21 solution. Those who want to seize the benefits of Check 21 more quickly than
their competitors will do so with Check 21 Direct.
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