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The Check Stops Here: The Forces Moving Check Truncations to the ATM

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2002/09/26

Abstract

Celent Communications predicts that between 2006 and 2008, early-mover banks will venture into check truncation in the back office and then push it out to the point of deposit. Economics will be the primary driver: annual cost savings generated by check truncation at the point of deposit will reach at least US$1.2 billion.

In a new report, entitled The Check Stops Here: The Forces Moving Check Truncation to the ATM, Celent evaluates the forces that will propel the adoption of check truncation at the point of deposit. In addition to the economic argument, other powerful forces include the passage of the Check Truncation Act, improvements in ATM and check imaging technology and lower costs, and the increasing number of outsourcing options.

According to Alenka Grealish, senior analyst at Celent, "The ATM has until recently been an overlooked factor in improving the check deposit handling process. A shift in check deposits from branch to ATM only scratches the surface of efficiency gains, however. The real bang occurs when check truncation occurs at the ATM."

The report draws upon Celent’s experience and conversations with tenured ATM industry participants, including leading ATM deployers, EFT networks, and third-party vendors of ATMs and ancillary services as well as check imaging veterans.