NEW YORK – The CheckImage Collaborative yesterday announced it has created a Universal Companion Document, which establishes a uniform industry approach for populating and validating check image files.
The creation of the UCD establishes a consistent approach for all industry participants to use when processing check image files.
Creation of the uniform standard is aimed at facilitating the implementation of Check 21, the 2004 law that established the legal status of electronic checks and images as on par with paper checks.
The participants in the industry protocol represent virtually every touchpoint in check imaging and include: Electronic Check Clearing House Organization, known as ECCHO, the Federal Reserve, and image exchange networks SVPCO, Viewpoint and Endpoint Exchange.
Through its Image Quality Work Group, the Collaborative marshaled resources from a wide range of financial institutions and major image exchange intermediaries to develop a common, business-based approach toward use of the DSTU 9.37-2003 check image exchange file format standard.
Additionally, the group coordinated its efforts with those of the Accredited Standards Committee X9's Payments Subcommittee working on the emerging check image exchange file format standard X9.100-187. This resulted in compatibility between the UCD and the emerging X9.100.187 standard which currently is being balloted. This coordination eliminates the need for financial institutions to make additional changes to support the new standard.
As active participants in this effort, intermediaries such as Endpoint Exchange, SVPCO and Viewpoint, as well as the Federal Reserve, have committed to work with their respective customers and vendors to make the necessary changes to check image applications to help ensure compliance with and implementation of the UCD over the next 12 to 18 months.
