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By Maggie DeWitt
The Check Clearing for the 21st Century Act—better known as Check 21—became effective on October 28, 2004. Undoubtedly, it has had the greatest impact on the way banks process checks since the introduction of MICR.
Check 21 optical processing is in wide use today, as more banks are choosing to scan original checks to create substitutes for digital processing, which saves time and lowers operating costs. Conventional security features, such as fluorescent printing or fibers and artificial watermarks, protect original checks, but they do not survive the binary scanning processes, and can offer no protection to electronic or paper image replacement documents.
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