US National Check Exchange (NCE) Operates its First Check Exchange
The National Check Exchange (NCE), a new check exchange business recently formed by The Clearing House and 35 banks, operated its first exchange this week in the northeastern United States. The National Check Exchange has developed standardized rules and common functions such as a transportation network, and aims to attract new participants due to ‘cost effective clearing methods as alternatives to those of other check clearing venues’. The National Check Exchange initially consolidates three existing check clearinghouses in the Northeast: The Clearing House, The Liberty Clearing House (formerly the New Jersey and Philadelphia clearinghouses), and the Northeast Regional Check Exchange-Long Island. It is now the largest regional check exchange in the US, averaging 4.3 million items for $7.8 billion per day and will continue to expand. The National Check Exchange offers consolidated operations and shared services, including a transportation network and 24/7 customer service as well as a single settlement and consolidated returns processing among all members.