Check 21 - Electronic or Imaged Cash Letter

CPI provides the most up to date payment processing services for remittance processing by providing its customers with Check21/Electronic Cash Image letter.

The Check Clearing for the 21st Century Act (Check 21) was signed into law on October 28, 2003, and became effective on October 28, 2004. Check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which permits banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks. A substitute check is the legal equivalent of the original check and includes all the information contained on the original check. The law does not require banks to accept checks in electronic form nor does it require banks to use the new authority granted by the Act to create substitute checks.

CPI offers deposit preparation for both paper and image deposits (Check21).  Image deposits can be sent to any Bank accepting Check21 (X9.37) files. 

CPI offers deposit preparation for both paper and image deposits (Check21) Electronic Cash Letters.  Image deposits can be sent to any bank accepting Check21 (X9.37) files.  We use specialized lockbox software to match the check amount to the remittance document and “blind” re-verification key input to provide the highest level of assurance that your customer’s payments are being processed for the amounts they expected to pay.  Tracer numbers are applied to each check/stub to assist in research.  Daily management reports and check images are available online.  CPI can prepare posting files to allow direct A/R updating of the daily payments to your accounting system using your file specifications or generic formats like CSV.  Access to these files is via secure FTP.

This is why you need to consider Check 21 processing:

• Greater efficiency and accuracy
• Reduced costs such as Bank Fees and Courier fees
• Little or no check fraud
• Reduced float and earlier funds availability
• Enhanced competitive advantage
• Save the Environment by eliminating paper checks
• Electronic cash letters eliminate courier costs and result in quicker funds availability.