key messages:
Post on 03-Jan-2016
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Key Messages:
Implementation of check image exchange for check collections is almost completed across the industry and the implementation of check image exchange for returns is rapidly approaching full implementation and stabilization of volume growth has begun.
Institutions are receiving electronic delivery of their unpaid image returns. On an average day in May 2010, over 209,000 items were received as unpaid image returns. When the May volume is annualized, it totals 52 million for $56 billion. The average unpaid image return was $1,072.
More than 22,800 routing transit numbers are available to receive check images and over 8,000 are available to receive returns.
The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 83% as of May 2010 to 52.5 million.
On an average day during May 2010, over 59 million check images were received for posting. When the May volume is annualized, it totals 14.9 billion for $17.1 trillion. Also, another 2.6 million checks per day were sent as images and delivered to paying institutions as substitute checks. These totaled 661 million checks per year and $727 billion.
This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges. When the same payments were cleared through two or more of these organizations, those payments were counted only once.
CheckImage CollaborativeCommunications Work Group
Highlights:
Chart reflects volume received by DFIs for
payment from other DFIs or an intermediary.
Average daily image volume grew from 40.57
to 59.28 million from June 2008 to May 2010.
May 2010 volume annualized is 14.9 billion
images received per year.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
# It
ems
in M
illi
on
sAverage # of Images
Aug-08
Oct-0
8
Dec-0
8
Feb-0
9
Apr-09
Jun-0
9
Aug-09
Oct-0
9
Dec-0
9
Feb-1
0
May
-10
Jun-0
8
Received /Day
# o
f Im
age-
Ava
ilab
le R
/Ts
Highlights:
Chart reflects the number of R/Ts available to
receive images from other DFIs or an
intermediary.
Number of image-available receiving R/Ts
grew from 15,324 to 22,854 from June 2008 to
May 2010.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
R/Ts AvailableTo Receive
Images
Aug-08
Oct-0
8
Dec-0
8
Feb-0
9
Apr-09
Jun-0
9
Aug-09
Oct-0
9
Dec-0
9
Feb-1
0
May
-10
Jun-0
8
Highlights:
All checks were imaged before reconversion to
substitute checks.
Chart reflects checks received by DFIs for
payment from other DFIs or an intermediary.
The dollar amount received during the first five months of 2008 and 2010 grew from $6.9 to
$7.4 trillion.
Annualized May 2010 dollar amount = $17.8
trillion/yr.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
$ Amounts of Images& Substitute Checks
Forward Collection Only
$ A
mo
un
ts i
n B
illi
on
s
Aug-08
Oct-0
8
Dec-0
8
Feb-0
9
Apr-09
Jun-0
9
Aug-09
Oct-0
9
Dec-0
9
Feb-1
0
May
-10
Jun-0
8
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
Highlights:
All checks were imaged before reconversion to
substitute checks.
Chart reflects volume received by DFIs for
payment from other DFIs or an intermediary.
Over 24 month period Image-based clearing
volume grew from 1,135 to 1,238 million / mo with
95% of the volume cleared by image in May 2010 (20 days in May).
The annualized May ‘10 volume is 15.5 billion
items/yr.
# It
ems
in M
illi
on
s
Substitute Checks
Images
# of Images & Substitute ChecksForward Collection Only
Aug-08
Oct-0
8
Dec-0
8
Feb-0
9
Apr-09
Jun-0
9
Aug-09
Oct-0
9
Dec-0
9
Feb-1
0
May
-10
Jun-0
8
Highlights:
Chart reflects the number of R/Ts available to
receive unpaid image returns from other DFIs or
an intermediary.
From May 2009 to May 2010, the number of R/Ts
available to receive unpaid image returns has more than doubled from
3,511 to 8,023 R/Ts.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
Number of R/TsAvailable to Receive
# o
f R
/Ts
Ava
ilab
le t
o R
ecei
ve R
etu
rns
Jun-0
9
May
-09
Jul-0
9
Aug-09
Sep-0
9
Oct-0
9
Nov-09
Dec-0
9
Jan-1
0
Feb-1
0
Mar
-10
Apr-10
May
-10
Image Returns
Highlights:
This chart reports the volume trend of unpaid image returns delivered
electronically to the receipt location designated by the
bank of first deposit.
Between January 2009 and May 2010, the volume of
image returns grew by 83% from an average daily volume of 114,000 to
209,300.
# It
ems
in T
ho
usa
nd
s
Average # of ImageReturns/Day
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchangesMar
-09
Jan-0
9
May
-09
Jul-0
9
Sep-0
9
Nov-09
Jan-1
0
Mar
-10
May
-10
Highlights:
This chart reports the dollar amount trend of unpaid image returns delivered
electronically to the receipt location designated by the
bank of first deposit.
Between January 2009 and May 2010, the dollar
amount of image returns grew by 58% from $2.77 to
$4.4 billion.
The average dollar amount of image returns ranged from a low of $1,072 per
return to a high of $1,215.
$ A
mo
un
ts i
n M
illi
on
s
$ Amount of Returns
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchangesMar
-09
Jan-0
9
May
-09
Jul-0
9
Sep-0
9
Nov-09
Jan-1
0
Mar
-10
May
-10
Highlights:
Chart reflects volume received by DFIs for
payment from other DFIs or an intermediary.
Average daily image volume grew from .08 to 59.82 million from Qtr 1
2005 to Qtr 1 2010.
Qtr 1 2010 volume annualized is 14.5 billion
images received per year.#
Item
s in
Mil
lio
ns
Average # of
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchangesQtr
1 '0
5
Qtr 3
'05
Qtr 1
'06
Qtr 3
'06
Qtr 1
'07
Qtr 3
'07
Qtr 1
'08
Qtr 3
'08
Qtr 1
‘09
Qtr 3
‘09
Qtr 1
‘10
Images Received /Day
Highlights:
Chart reflects check images received by DFIs for payment from other DFIs or an intermediary.
The quarterly dollar amount of images
received grew from $1.7 billion to $4.1 trillion.
Annualized Quarter 1 2010 dollar amount =
$16.6 trillion/yr.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
$ A
mo
un
ts i
n B
illi
on
s
$ Amounts of ImagesReceived by Paying
Institution
Qtr 1
'05
Qtr 3
'05
Qtr 1
'06
Qtr 3
'06
Qtr 1
'07
Qtr 3
'07
Qtr 1
'08
Qtr 3
'08
Qtr 1
‘09
Qtr 3
‘09
Qtr 1
‘10
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