The number of checks presented electronically skyrocketed to 2.2 billion last year, a 114% increase from 1995, the General Accounting Office said Wednesday.

In a broad study of electronic check presentment, the GAO found that the Fed dominates the electronic check presentment business, controlling more than 99% of the market. It said nearly 14% of the 16 billion checks the Fed collected in 1997 were presented electronically.

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