Canon CR-180 Brochure download pdf (Page 2)

Financial institutions, banking offices, credit unions, merchants, and other

intermediaries are adopting new methods for processing check payments and

deposits as a result of the Check 21 Act. The Check Clearing for the 21

Century Act,

or Check 21 Act, was signed into U.S. law on October 28, 2003. Designed to foster

innovation in the American payments system, Check 21 enhances efficiency by

reducing many of the legal impediments to check truncation.

Prior to Check 21, checks were processed in a centralized manner: Once received

at bank branches, ATMs, merchants, intermediaries, etc., checks were physically

transported to an operations center for back-end processing where functions such as

encoding, proofing, balancing, and sorting were performed before being sent to the

Federal Reserve for final processing. This was a lengthy and costly manual process,

and checks were physically returned to the customer with their monthly statements.

Today, with the advent of imaging technology and the enactment of Check 21, checks

no longer require manual transportation and central processing. Instead, check

images can be sent electronically, either to a central processing bank or directly to

the Federal Reserve Bank with an Electronic Cash Letter (ECL).

The Canon CR-180 and CR-55 Check Transport devices, together with the featured

software applications listed in this brochure, are the vehicles driving the adoption

of Check 21, enabling financial organizations of all sizes to gain the benefits derived

from decentralized check image processing.

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Canon CR-180 Brochure Page 2