International Check 21 Solution Available From JPMorgan
JPMorgan Treasury Services is planning to open a remote check image capture site in Europe. The site will allow clients in EMEA (Europe, Middle East and Africa) and Asia to take advantage of benefits from the Check Clearing for the 21st Century Act (Check 21). Check 21 will facilitate the use of electronic images of checks by allowing the creation of substitute checks from images of the originals – and requiring banks to accept these as the legal equivalent of an original check. JPMorgan’s financial institution clients in EMEA and Asia will ultimately be able to eliminate the need to pay for the physical transportation of checks to the U.S. for presentment, minimizing courier costs. Additional benefits include reduced risks related to transportation loss, faster identification of fraudulent items, as well as greater efficiencies and eventual reductions in processing costs. Check 21 comes into effect on October 28, 2004.