Check 21 adoption 'will be slow'
WASHINGTON DC – The transition to electronic cheque processing – as required by Check Clearing for the 21st Century Act ( Check 21 ) – will proceed slower than initially expected, according to Financial Insights, a Massachusetts-based financial services technology consultancy firm.
In a study of financial technology vendors offering cheque-processing solutions, Aaron McPherson, co-author of the report, said only large banks are starting to invest slowly in the cheque-imaging solutions.
As the implementation date for the legislation nears, financial technology vendors are attempting to capitalise on its passage by selling cheque-processing solutions in large numbers.
The
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