Under the proposed "Check Clearing for the 21st Century Act," banks could truncate the original checks and replace them with either paper or digital substitutes, thus mitigating a potential weakness in the payments system.
Gomez research shows consumers are not merely interested in check imaging; they are eager to the point where they are willing to forgo many other features banks offer in order to access documents online.
A rule change by the major payments associations, allowing certain merchants to skip the signature requirement on transactions under $25, will allow fast-food restaurants to accept card payments at the drive-thru window.
Check processing centers in the United States are ripe for consolidation, according to Paul Currie, CEO of Symcor Services, which currently processes about two-thirds of checks in the Canadian marketplace.
Banks are in a remarkable position from a competitive standpoint to dominate the EBPP market, but need to work hard on increasing customer acceptance, beginning with efforts to entice those already banking online.