Check 21 launches a new era of payment processing

Bank News, June, 2004 by Boettcher, Cory

Payment processing in the United States is undergoing its most significant change in 50 years, dramatically changing the way check-based financial transactions are cleared and settled.

The catalyst behind this change is the passage of the Check Clearing for the 21st Century (Check 21) Act scheduled to take effect October 28. As one of the most active participants in Check 21 technology, Wausau Financial Systems offers the most effective solutions available for a smooth transition into this highly efficient payment processing model.

Current and emerging payment processing models

The U.S. payments system is currently running under a long-standing check clearing and settlement model requiring the return of paper checks. However, with Check 21, paper based clearing and...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.