Despite the wide popularity of check electrification (check conversion, image exchange) not all banks have made the investment in image check technology. Meanwhile, the Fed is accelerating its migration from paper check processing to electronic, starting in June with a targeted end date of December 2009. Fiserv is stepping in to fill the gap, offering a suite of services to banks to replace the current Fed functionality.
[Excerpt from Bank Technology News] The Fiserv Check 21 team will work with clients to develop a long-term
strategy for image exchange and provide individual strategies for
financial institutions to meet their needs during the transition period
and into the future. An example of this is the Fiserv Clearing Network
(FCN) that has been offered by Fiserv since 2005 as a Check 21 solution
for electronic clearing. FCN currently has more than 700 members.
Services ending as of July 1, 2008:
- most MICR file formats
- MICR manipulation
- grayscale image capture services
- account number/cycle sorting services
Services ending as of December 31, 2008:
- all MICR information services
- MICR presentment
- MICR presentment plus services
- account total services
- FedImage File Delivery
- FedImage CD-ROM delivery
The following services will be discontinued in 2009:
- Computer Interface/Bulkdata connections
Learn more:
Federal Reserve Check Restructuring Resource Center
Fiserv to Help Banks in Check21 Transition
Bank Technology News
April 21, 2008
