Connecticut Clearing House Joins National Check Exchange
The National Check Exchange (NCE) has announced that the Connecticut Clearing House has joined its check clearing and settlement organization. With the addition of the Connecticut Clearing House volume, NCE clears and settles 4.1 million checks valued at $8.1 billion on average per day. The NCE has noted that this additional volume will help it continue to reduce costs and increase efficiency of the check clearing process. It also adds momentum to NCE’s drive to standardize, rationalize and consolidate the U.S. paper check infrastructure in response to Check 21 and the emergence of electronic payments. NCE is involved in all aspects of the migration from paper checks to electronic transactions and currently settles $775 million in electronic transactions per day for its related electronic check presentment business, Electronic Clearing Services (ECS). In addition, NCE is working with ECS to develop a national check image exchange for banks of all sizes, scheduled for operation in the first quarter 2004.