The IRD contains images of the front and back of the original check, including signature(s), the memo line, any endorsements and additional printed information added during the clearing process.

The image replacement documents (IRD) will also allow banks to transmit check images electronically, eliminating the need to ship paper checks around the country for clearance and settlement.

A new digital check-handling process, looking to improve the banking industry, just went into effect. The change is mandated by the Check Clearing for the 21st Century Act, aka Check 21. So, is ...

Last week, the Check 21 Act took effect, allowing banks to clear checks electronically and sets standards for the secure electronic transfer of check images between financial institutions. The Act ...

When the Check 21 Act went into effect nearly four months ago, it was portrayed as one giant leap into the 21st Century. In reality, like any major transformation, what underlies it is a series of ...