Key Messages: Institutions have begun receiving electronic delivery of their unpaid image returns. This report now includes the trend information for image returns. From January to December 2009, the volume of reported image returns grew by 91% from an average of 114,000 per day in January to 218,100 per day in December. More than 21,000 routing transit numbers are available to receive check images and over 6,000 are available to receive returns. Substitute Checks have facilitated the transition from paper checks to check images. The monthly volume of substitute checks peaked in the month of October 2007 and the quarterly volume peaked in the second quarter 2008 with 875 million and then declined by 75% during the fourth quarter of 2009 to 220 million. On an average day during December 2009, over 59 million check images were received for posting. When the December volume is annualized, it totals 15.1 billion for $17.6 trillion. Also, another 2.9 million checks per day that were sent as images and delivered to paying institutions as substitute checks. These totaled 752 million checks per year and $864 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 Collaborative Communications Work Group
Transcript
Key Messages:
Institutions have begun receiving electronic delivery of their unpaid image returns. This report now includes the trend information for image returns. From January to December 2009, the volume of reported image returns grew by 91% from an average of 114,000 per day in January to 218,100 per day in December.
More than 21,000 routing transit numbers are available to receive check images and over 6,000 are available to receive returns.
Substitute Checks have facilitated the transition from paper checks to check images. The monthly volume of substitute checks peaked in the month of October 2007 and the quarterly volume peaked in the second quarter 2008 with 875 million and then declined by 75% during the fourth quarter of 2009 to 220 million.
On an average day during December 2009, over 59 million check images were received for posting. When the December volume is annualized, it totals 15.1 billion for $17.6 trillion. Also, another 2.9 million checks per day that were sent as images and delivered to paying institutions as substitute checks. These totaled 752 million checks per year and $864 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 35.51
to 59.98 million from January 2008 to December 2009.
December 2009 volume annualized is 15.1 billion
images received per year. Based on the Fed’s
2007 Payments Study this is 49% of all checks
paid in 2006.
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
Mar
-08
May
-08
Jul-0
8
Sept-0
8
Nov-08
Jan-0
9
Mar
-09
May
-09
Jul-0
9
Oct-0
9
Dec-0
9
Jan-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 available receiving R/Ts grew from
12,963 to 21,425 from January 2008 to December 2009.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
R/Ts Available
Mar
-08
May
-08
Jul-0
8
Sep-0
8
Nov-08
Jan-0
9
Mar
-09
May
-09
Jul-0
9
Oct-0
9
Dec-0
9
Jan-0
8
To ReceiveImages
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 monthly dollar amount received grew from $1.36 to
$1.62 trillion.
Annualized December 2009 dollar amount = $18.5
trillion/yr.
$18.5 trillion is 44% of the total dollars cleared via
check payments.
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
Mar
-08
May
-08
Jul-0
8
Sep-0
8
Nov-08
Jan-0
9
Mar
-09
May
-09
Jul-0
9
Oct-0
9
Dec-0
9
Jan-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 1,039 to 1,358 million / mo with 97%
of the volume cleared by image in December 2009 (22 days in December).
The annualized December ‘09 volume (15.8 billion
items/yr.) is approximately 52% of total check volume
paid.
# It
ems
in M
illi
on
s
Substitute Checks
Images
Mar
-08
May
-08
Jul-0
8
Sep-0
8
Nov-08
Jan-0
9
Mar
-09
May
-09
July
-09
Oct-0
9
Dec-0
9
Jan-0
8
# of Images & Substitute ChecksForward Collection Only
Highlights:
Chart reflects the number of R/Ts available to receive unpaid image returns from
other DFIs or an intermediary.
From May 2009 to December 2009, the number of R/Ts available to receive unpaid image returns grew by 74% from 3,511 to 6,111.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchanges
Number of R/TsAvailable to Receive Image Returns
# 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
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 and December 2009, the volume
of image returns grew by 91% from an average daily
volume of 114,000 to 218,100.
# 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 exchangesJan-0
9
Feb-0
9
Mar
-09
Apr-09
Jun-0
9
May
-09
Jul-0
9
Aug-09
Sep-0
9
Oct-0
9
Nov-09
Dec-0
9
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 and December 2009, the dollar amount of image returns grew by 97% from $2.77
billion to $5.47.
The average dollar amount of image returns ranged from a low of $1,085 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 exchangesJan-0
9
Feb-0
9
Mar
-09
Apr-09
Jun-0
9
May
-09
Jul-0
9
Aug-09
Sep-0
9
Oct-0
9
Nov-09
Dec-0
9
Highlights:
Chart reflects volume received by DFIs for
payment from other DFIs or an intermediary.
Average daily image volume grew from .08 to 59.57 million from Qtr 1
2005 to Qtr 4 2009.
Qtr 4 2009 volume annualized is 14.7 billion
images received per year. Based on the Fed’s
2007 Payments Study this is 48% of all checks
paid in 2006.
# It
ems
in M
illi
on
s
Average # of
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House and other local /
regional exchangesQtr
1 '0
5
Qtr 2
'05
Qtr 3
'05
Qtr 4
'05
Qtr 1
'06
Qtr 2
'06
Qtr 3
'06
Qtr 4
'06
Qtr 1
'07
Qtr 2
'07
Qtr 3
'07
Qtr 4
'07
Qtr 1
'08
Qtr 2
'08
Qtr 3
'08
Qtr 4
'08
Qtr 1
‘09
Qtr 2
‘09
Qtr 3
‘09
Qtr 4
‘09
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 $4.3
trillion.
Annualized Quarter 4 2009 dollar amount = $17.2
trillion/yr.
$17.2 trillion is 41% of the total dollars cleared via
check and is about 5 times the sum of all debit card
