The Federal Reserve Banks have announced that they have completed the reduction in paper check processing infrastructure that was begun in late 2003.
With the discontinuation of paper check processing at the Atlanta office on Friday, Feb. 26, 2010, all paper check processing is now handled at the Cleveland office. The Atlanta office serves as the Reserve Banks' processing location for electronic check processing.
Since late 2003, the Reserve Banks have reduced the number of locations where paper checks are processed from 45 offices to a single site in Cleveland. These changes were made in response to the significant rate of adoption of Check 21-enabled services as well as the shift away from the use of paper checks and toward the much greater use of electronic payments.
As one of the nation's largest inter-bank processors of electronic check transactions, the Federal Reserve will continue to play an important role in the evolution of the nation's payments system.
See press release for full details.