CheckImage Collaborative Announces Standard Industry Approach Regarding Check Image File Formats
Minneapolis, May 19, 2008—The CheckImage Collaborative
announced today the creation of a Universal Companion Document (UCD) which
establishes a uniform industry approach for populating and validating check
image files. Since the implementation of the Check Clearing Act for the 21st
Century (Check 21) in October 2004, the banking industry has been rapidly
transforming from a paper-based check clearing structure to an image-based
system with nearly half of all checks paid cleared as images
Ongoing interoperability issues have impacted the industry’s
ability to realize the full value of check image clearing. One of the biggest
obstacles to true interoperability has been the use of the check image file
format standard. The creation of the UCD establishes a consistent approach for
all industry participants to use when processing check image files.
CheckImage Collaborative, initiated by the Electronic Check Clearing House
Organization (ECCHO) and the Retail Payments Office (RPO) of the Federal Reserve
Bank of Atlanta, is comprised of representatives of trade and financial
organizations from across the country. Through its Image Quality Work Group, the
Collaborative marshaled resources from a wide range of financial institutions as
well as major image exchange intermediaries to develop a common, business-based
approach toward use of the DSTU 9.37 – 2003 check image exchange file format
standard. Additionally, the group coordinated its efforts with those of the
Accredited Standards Committee X9’s Payments Subcommittee working on the
emerging check image exchange file format standard X9.100-187. This resulted in
compatibility between the UCD and the emerging X9.100.187 standard which is
currently being balloted. This coordination eliminates the need for financial
institutions to make additional changes to support the new standard. “The UCD
helps maximize the value of the check payment system by reducing the
inconsistent application of the standard for the exchange of check images” said
David Walker, President and CEO of ECCHO.
As active participants in this effort, intermediaries such as Endpoint
Exchange, SVPCO and Viewpointe as well as the Federal Reserve, have committed to
work with their respective customers and vendors to make the necessary changes
to check image applications to help ensure compliance with and implementation of
the UCD over the next 12 to 18 months. “The development of the UCD and, more
importantly, the assurance of implementation by each of the major intermediaries
provides a clear signal to the industry that real solutions to obstacles to full
check electronification can be forged in a manner that benefits all industry
participants” said Fred Herr, Senior Vice President of the Retail Payments
Office of the Federal Reserve Bank of Atlanta.
A copy of the UCD is
available at http://www.checkimagecentral.org/
About the CheckImage Collaborative
Collaborative is comprised of representatives from trade associations and
financial organizations. The group was formed in early 2005 to identify
and share information on check image clearing that will help financial
institutions understand and successfully implement image exchange.
About Federal Reserve Financial Services
Reserve Banks offer a full range of financial services to assist depository
institutions in achieving a sustainable competitive advantage. Our services
include Cash, Check, FedImage Services, FedACH,Fedwire® Funds Service, Fedwire
Securities Service, National Settlement Service and Treasury services. In
addition, we offer services designed to support your Financial Services usage,
including Account Management Information and Service Charge Information. For
more information about any of the Federal Reserve Banks’ products and services,
David Fettig, Vice President, Public Affairs, Federal Reserve Bank
of Minneapolis, 612-204-5274, email@example.com
ECCHO (Electronic Check Clearing House
Organization) is a not-for-profit national clearing house that provides image
exchange rules for private sector exchanges. Membership in ECCHO is
available to every financial institution and current membership totals more than
1,250 financial institutions ranging in size from community banks and credit
unions to the largest banks in the country. Additional information
regarding ECCHO is available at www.ECCHO.org.
David Walker, President & CEO, 214-273-3201, firstname.lastname@example.org
About The Clearing House Payments Company and SVPCO Image Payments
Formed by banks more than 150 years ago, The Clearing House
operates payment systems infrastructure and facilitates forums for the U.S.
banking industry. The Clearing House clears and settles more than 40
million check and electronic payments with a value of $2.4 trillion each day for
financial institutions in the U.S. and around the world. The Clearing
House's strategic forum brings together financial institutions to discuss and
take action on payments industry issues, while its bank association addresses
legal and regulatory matters of critical importance to its members. The
SVPCO Image Payments Network is the nation’s premier, image exchange network.
Through its connections with the Federal Reserve and other third parties, the
SVPCO Image Payments Network can reach more than 10,000 endpoints and help
financial institutions of all sizes take advantage of image exchange. For more
information, visit www.theclearinghouse.org.
Chip Savidge, 336-769-5321, email@example.com
Greg Berardi, 415-239-7826, firstname.lastname@example.org.
About Endpoint Exchange
Endpoint Exchange enables U.S.
financial institutions to clear their check-based transactions by exchanging
check images between member institutions. Endpoint Exchange (www.endpointexchange.com) is the
country’s first electronic check-clearing network that capitalizes on existing
imaging infrastructure and settlement relationships, with the interoperability
to connect to every endpoint in the nation. Metavante Corporation (www.metavante.com) is a leading provider of
image-based check processing and distributed image-capture solutions, which
include Endpoint Exchange. Metavante delivers banking and payment technologies
to financial services firms and businesses worldwide.
Chip Swearngan, Metavante Corporation,
Viewpointe is a leading provider of
check image exchange and archive services to financial institutions. Viewpointe
operates the largest national archive of check images and information and is the
only institution able to provide image exchange on demand through ImageShare™
and bank-to-bank image exchange through Pointe2Pointe®. In 2006 and 2007,
Viewpointe was one of the youngest companies named to the prestigious FinTech
100 surveys. Among Viewpointe’s many financial institution clients are Bancorp
South, Inc., Bank of America, BB&T, Bremer Financial Corporation, Colonial
Bank, Compass, Fifth Third, First Horizon National Corp., Fiserv, Inc,
Cullen/Frost Bankers, Inc., Harris Bank, HSBC Bank USA, J.P. Morgan Chase &
Co., National City Corporation, SunTrust Bank, Synovus Financial Corp., U.S.
Bancorp, Wells Fargo and Zions Bancorporation. Industry connections include
PaymentsNation via Endpoint Exchange and Federal Reserve Financial Services. For
more information about Viewpointe, please visit www.viewpointe.com.
Chris Capra, Lotus Public Relations, 212-922-5885, email@example.com