A rule revision this month by the Federal Reserve Board could open the way to wider acceptance of a check processing technology that could save the banking industry billions of dollars a year.

The change in Regulation CC, effective Dec. 15, stated more clearly that check images are suitable replacements for physical checks. By clarifying how electronic presentment procedures can fit into the handling of exception, or returned, items, the revision removes an issue that had been a sticking point for many institutions.

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