KeyBank is First User of US FED’s Check 21 Services
KeyBank became the first to use the Federal Reserve Banks’ FedForwardSM Paper-to-Image product supporting the Check 21-enabled electronic clearing process on 4th of November. The US’s federal Check 21 law went into effect October 28, 2004, allowing financial institutions to process checks electronically and present substitute checks in place of originals. The FedForward service enables deposited paper items to be converted to electronic images and presented as either substitute checks or an electronic file to the paying bank. In its first day of using the FedForward Paper-to-Image service, KeyBank deposited more than 3,700 checks, with a total value of more than $56m at the Seattle Branch of the Federal Reserve Bank of San Francisco.