The Federal Reserve Banks have announced modifications to the schedule for previously announced check processing infrastructure changes as consumers and businesses continue the shift from using paper checks toward electronic payments and as financial institutions rapidly adopt electronic check processing.
In June 2007, the Federal Reserve Banks selected Philadelphia, Cleveland, Atlanta and Dallas as regional check processing sites that are expected to provide a full range of paper check processing services and receive processing volume from other sites in a phased transition. Other remaining sites will have their operations scaled back. These scaled-back sites will all print substitute checks, but some will also capture paper check images for processing.
The revised schedule will take effect immediately, with seven sites transitioning in 2008 as opposed to the five that were originally scheduled. The accelerated schedule for 2008 includes five sites converting to print-only locations (Kansas City, Mo.; Memphis, Tenn.; Cincinnati; Windsor Locks, Conn.; and Jacksonville, Fla.), one site (Seattle) converting to a capture and print site, and one site that just closed (Utica, N.Y.).
See the press release for full details.
