THE MAGAZINE

Checks on Checks.

The Check Clearing for the 21st Century Act, known simply as Check 21, improves bank efficiency by allowing "substitute checks," including digital images of checks, to be used so that paper checks do not have to be moved from institution to institution. The bank on which the check was drawn then treats the check as a debit instrument, instantly charging the amount against the account. Customers will no longer receive cancelled checks; instead, they'll have to log into their bank accounts to see the image of the cancelled check. Unisys has released a list of top-10 risk mitigation techniques for Check 21 risks.

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