Bank of America Hits Major Check Imaging Milestone

This milestone represents an important step in building momentum in the financial services industry towards full implementation of Check 21 enabled technology.

"We are beginning to see the promise of Check 21 become a reality," said John Feldman, image strategy and execution executive at the bank. "As a payments leader and an early adopter of check electronification, Bank of America is committed to helping transform the industry."

Feldman said that at yearend 2005, the bank was processing only 2% of checks electronically. It has now reached 10% and he expects it to increase to 20% by yearend 2006.

Bank of America has long advocated modernizing the check industry to take full advantage of the advances in technology. "We made an early investment in image technology," said Feldman, "and have accelerated the reengineering of our key business processes and technology to better serve our customers."

Bank of America:

• Processes more than 34 million checks on a daily basis, more than any other bank, second only to the Federal Reserve.
• Has created a diversified exchange network with connections to SVPCo, the Federal Reserve, Viewpointe and Endpoint Exchange.
• Currently exchanges images with more than 20 financial institutions.
• Delivers Remote Deposit Service and Image Cash Letters in 16 countries.

One of the bank's key strategies, Feldman said, is to partner with other banks, working collaboratively to increase everyone's comfort level with the process. "There's been a learning curve for all of us," he said, "but we are beginning to see real traction now and expect that momentum to continue. This is a process where we all benefit by working together."