Substitute check
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A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD),[1] or image replacement document (IRD),[2] is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check). It may be wholly digital from payment initiation to clearing and settlement or it may be a digital reproduction (truncation) of an original paper check.
Contents
Standards and formats
Software providers have developed[3] "Virtual Check 21" standards within electronic banking systems which allows creation and submission of demand draft documents to the bank of deposit.
Standards may include:
- remotely created checks (RCC)
- X9.37 files
Geographical significance
United States
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The beginnings of substitute checks in the United States were formalized by the Check 21 Act in 2003.
See also
References
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- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ http://www.check21.com/virtual-check-21-processing.html
