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The Brief History

The Check Clearing for the 21st Century Act (Check 21 Act) became law on October 28th, 2004. This law enabled banks to handle more checks electronically, truncate the time, streamline the process and reduce the costly and inefficient need to transport deposited checks to the issuing bank. Future customers depositing a check could capture the front and rear images along with the MICR (Magnetic Ink Character Recognition) data. Once digitized, the 'substitute check' could be uploaded directly to the depositing institution and credit the customer's account. This Remote Deposit Capture (RDC) removed the need for merchants and other large depositors to physically transport payments to a bank and deposit their funds.

Soon, the combination of...

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