Headlines:
ANSI Accepts Image-Replacement Standard
The American National Standards Institute has accepted the industry's technical specification for image replacement documents.
The standard, X9.100-140, defines the physical characteristics of a substitute check created from a digital image. Its acceptance as an American national standard was announced Thursday by the industry's standards-setting body, Accredited Standards Committee X9 Inc. of Annapolis, Md.
"Having ANSI accreditation gives an extra measure of legitimacy" to the standard, said Cynthia Fuller, the group's executive director.
X9.100-140 has been under development for nearly three years. It is meant to provide a common format for banks to create image replacement documents, whose use as legal instruments is authorized by the Check Clearing for the 21st Century Act. The law will take effect Oct. 28.
Ms. Fuller said Thursday that a related standard, X9.37, is undergoing slight revisions in preparation for balloting by the end of the year. This standard defines the data elements and data structure for transmitting batches of check images and associated files for electronic clearing. Banks have been using a draft version in preparation for Check 21.
Once set, standards typically do not undergo review for five years. But Ms. Fuller said the check-image standards will probably be reviewed again within 18 months.
Fiserv Has Check 21 Agreement with ACB
Under an agreement announced Thursday, Fiserv Inc. will develop a package of services to help members of America's Community Bankers prepare for the Check Clearing for the 21st Century Act.
The Washington trade group, which represents about 1,000 community banks, endorsed the Brookfield, Wis., company as its preferred provider of such services.
Fiserv expects to offer outsourced check processing services and in-house image technology, said Norm Balthasar, its chief operating officer, in a press release. His company already works for many of the group's member banks, he said.
Check 21 is expected to transform check processing. Many banks will probably begin to settle checks with digital image files instead of the original paper, and most will want some type of image capabilities.
