A private-sector competitor of the Federal Reserve's check clearing service has slashed its fees by about 19%, bringing them down to almost half those charged by the central bank.

The National Clearing House Association said the per-item price cuts point to the success of the upstart organization of achieving economies of scale.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.