How have checks adapted to new technology?
Many predicted that the “paperless” world would spell the end of the check. In fact, checks have evolved over the last 30 years to become more safe, reliable, efficient and consumer-friendly. Technology now allows the vast majority of checks to be verified at the point of sale providing convenience and security for consumers and business. The Federal Reserve estimates that between 75 percent and 97 percent of checks written were verified at the point of sale in 2000 (Federal Reserve Board, Retail Payments Research Project, 2001, Updated 2002). Check manufacturers and distributors also use technology to amplify the consumer benefits of checks and respond to customer needs. For example, the Internet is now the fastest growing order channel for checks and many consumers can now view cancelled checks through digital imaging and online banking programs. Check electronification – in which a check is scanned for account information at the register – turns a paper check into an electronic tran
