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News

A Cloud with a Pewter Lining - Editor's Note

Bank Systems & Technology Week — May 2, 2006

So, what's the purpose of this tale? I'm really starting to believe all those people who have been touting the idea of saving money on fuel as a driver for remote deposit/check imaging among banks and businesses. Just last week, NetDeposit, a vendor in the remote deposit space, reported that 24,406,641 Check 21 payments were processed during the first quarter of 2006, compared to one year ago. This represents a 1,466 percent increase from the first quarter 2005 transaction volume of 1,664,756. Meanwhile, the electronic check and check image exchange company SVPCO announced that for the first quarter of 2006, the total number of daily image items was 62.5 million, compared to 52 million for all of 2005. Of course, these numbers reflect the general adoption trend of this technology, but it would be interesting to learn just how much rising fuel costs convinced organizations to begin making the switch away from paper.