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Thursday, February 01, 2007
(Bank Technology News / Vijay Balakrishnan)
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There is a sea change in payment processing, and it possesses all the attributes of an intriguing riddle.
It concerns Check 21, the legislation making it easier for banks to transfer check images electronically instead of physically transporting paper checks. It brought innovation into the payments system and enhanced its efficiency by eliminating some of the legal impediments to check truncation.
In the months preceding it, much speculation arose on the impact the law would have. A few implementations of image technology by early adopters appeared to foretell wide adoption by others. A deluge of Requests for Proposals, or RFPs, even emanated from banks that sought to image-enable their enterprise and gain the promised efficiencies. Technology vendors scrambled to respond to the deluge, some forecasting revenue windfalls as the opportunities moved toward fruition....
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