America's Community Bankers has endorsed Fiserv, Inc. as the preferred provider of checking-processing products and services that can help members implement Check 21.
Banks are required to accept substitute checks in place of original checks as of October 28, 2004 when the new law goes into effect. They also must train employees on how to handle the changes the law has created. While the substitute checks are still paper, most industry observers believe that eventually, the new system that Check 21 will create will use only images to move payments through their processing steps.
Fiserv is offering ACB members a range of services designed to help at the various stages of the process of conversion. The company can provide fully outsourced services or in-house solutions that include image-based check processing, substitute check creation, Check 21 training for employees and participation in the Fiserv Clearing Network. Members that participate can clear and settle checks through one connection to Fiserv, and the company has already said it will evolve its system as paper disappears completely.
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