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ECCHO Doing “God’s Work” for Check Payments

Check Processing ImprovementsAs “the check” gets less and less attention due to the myriad of new payment innovations, rules for check processing continues to improve.

Our good friends at ECCHO continue efforts on making the check payment better and better by gathering critical, industry-wide feedback on Reg CC improvements. Recent Reg CC improvements proposed include:

  • New definitions for electronic check and electronic returned checks
  • New Check 21-like warranties and existing Reg CC warranties would extend to electronic checks and electronic returned checks
  • Two alternatives for returns:
    • No expeditious return requirement
    • Conditional expeditious return requirement
  • Two new indemnifications:
    • Truncating Bank for RDC
    • Electronic Image or Electronic Information not from paper check for EPOs
  • Other issues for comment:
    • SDS
    • Definition of RCC
    • Presumption of Altered or Forged
    • “Refer to Maker”
    • X9 Standards
    • Rejected Deposit

There are quite a few very interesting topics in this list which can be examined in more detail on this PDF from ECCHO that reviews the proposed changes to Reg CC or view the ECCHO Ops Rules Update for more info.


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