Key Messages: This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges. Effective January 2011, we are able to include direct exchanges between banks as well as on-us image volumes. 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 2011, over 236,000 items were received as unpaid image returns. When the May volume is annualized, it totals 59.6 million for $63.7 billion. The average unpaid image return was $1,067. More than 24,200 routing transit numbers are available to receive check images and over 10,500 are available to receive returns. The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 98% as of May 2011 to 4.5 million. On an average day during May 2011, over 65 million check images were received for posting. When the May volume is annualized, it totals 16.6 billion for $20.2 trillion. Also, another 215 thousand checks per day were sent as images and delivered to paying institutions as substitute checks. These totaled 54.2 million checks per year and $60.3 billion. CheckImage Collaborative Communications Work Group
Transcript
Key Messages:
This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges. Effective January 2011, we are able to include direct exchanges between banks as well as on-us image volumes.
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 2011, over 236,000 items were received as unpaid image returns. When the May volume is annualized, it totals 59.6 million for $63.7 billion. The average unpaid image return was $1,067.
More than 24,200 routing transit numbers are available to receive check images and over 10,500 are available to receive returns.
The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 98% as of May 2011 to 4.5 million.
On an average day during May 2011, over 65 million check images were received for posting. When the May volume is annualized, it totals 16.6 billion for $20.2 trillion. Also, another 215 thousand checks per day were sent as images and delivered to paying institutions as substitute checks. These totaled 54.2 million checks per year and $60.3 billion.
CheckImage CollaborativeCommunications Work Group
Highlights:
Chart reflects volume received by DFIs for
payment.
Average daily image volume grew from 52.68
to 65.04 million from June 2009 to May 2011.
May 2011 volume annualized is 16.3 billion images received per year.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO
Full and Participating Members and other local /
regional exchanges
# Ite
ms
in M
illio
ns
Average # of ImagesReceived /Day
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
May-11
Jun-09
# of
Imag
e-Av
aila
ble
R/T
sHighlights:
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 19,170 to 24,223 from June 2009 to
May 2011.
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO
Full and Participating Members and other local /
regional exchanges
R/Ts Available to Receive Images
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
May-11
Jun-09
Highlights:
Chart reflects checks received by DFIs for
payment.
The monthly dollar amount received grew
from $1.57 to $1.69 trillion.
Annualized May 2011 dollar amount = $
20.2 trillion/yr.
$ Amounts of Images& Substitute Checks
Forward Collection Only
$ A
mou
nts
in B
illio
ns
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
May-11
Jun-09
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional
exchanges
Highlights:
Chart reflects volume received by DFIs for
payment.
Substitute Check volume has decreased to the volume of March ’05.
# Ite
ms
in M
illio
ns
Substitute Checks
Images
# of Images & Substitute Checks
Forward Collection Only
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
May-11
Jun-09
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional
exchanges
Highlights:
Chart reflects the number of R/Ts available to
receive unpaid image returns from other DFIs or
an intermediary.
From June 2009 to May 2011, the number of R/Ts
available to receive unpaid image returns has
tripled from 3,511 to 10,546 R/Ts.
(Data sources were modified for August 2010 forward)
Number of R/TsAvailable to Receive
# of
R/T
s Av
aila
ble
to R
ecei
ve R
etur
ns Image Returns
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
May-11
Jun-09
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional
exchanges
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 June 2009 to May 2011, the volume of image returns has increased by
88% from an average daily volume of 125,000 to
236,000 (21 days in May).
# Ite
ms
in T
hous
ands
Average # of ImageReturns/Day
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
May-11
Jun-09
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional
exchanges
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 June 2009 and May 2011, the monthly dollar amount of image
returns has almost doubled from $2.7 to $5.3 billion.
The average dollar amount of image returns ranged from a low of $1,067 per
return to a high of $1,215.
$ A
mou
nts
in M
illio
ns$ Amount of Returns
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
May-11
Jun-09
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional
exchanges
Highlights:
Chart reflects volume received by DFIs for
payment.
Average daily image volume grew from .08 to 59.65 million from Qtr 1
2005 to Qtr 1 2011.
Qtr 1 2011 volume annualized is 14.7 billion images received per year.
# Ite
ms
in M
illio
ns
Average # of Images Received
/Day
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional
exchanges
Highlights:
Chart reflects check images received by DFIs
for payment.
The quarterly dollar amount of images
received grew from $1.7 billion to $4.6 trillion.
Annualized Quarter 1 2011 dollar amount =
$18.5 trillion/yr.
$ A
mou
nts
in B
illio
ns
$ Amounts of ImagesReceived by Paying
Institution
Data Sources:
Transactions settled through the Federal Reserve,
Viewpointe, The Clearing House, selected ECCHO Full and Participating Members and other local / regional
