Electronic Check Clearing Transmission Tested
An electronic check-clearing network recently announced that three west coast financial institutions will lead a check image exchange pilot in the Federal Reserve's 12th district.
Western Corporate Federal Credit Union, Sterling Savings Bank, and Pacific Capital Bancorp will lead the pilot, which is being conducted through Endpoint Exchange, the network, in association with the National Clearing House Association. Instead of transferring paper checks, the financial institutions in the pilot will transmit electronic images of checks for check-based transactions. The network operates using current check imaging software and the current settlement infrastructure.For information on the network, visit www.endpointexchange.com
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 8, 10/02
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