- Source: Substitute check
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), or image replacement document (IRD), is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check). It may be wholly digital from payment initiation to clearing and settlement or it may be a digital reproduction (truncation) of an original paper check.
Standards and formats
Software providers have developed "Virtual Check 21" standards within electronic banking systems which allow the creation and submission of demand draft documents to the bank of deposit.
Standards may include:
Remotely created checks (RCC)
X9.37 files
Geographical significance
= United States
=The Check 21 Act, came into effect in 2004 and formalized the beginnings of substitute checks in the United States.
See also
Remote deposit
Cheque truncation
References
External links
Understanding Laurentian Bank Cheque
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- Substitute check
- Substitute checks in the United States
- Dishonoured cheque
- Check 21 Act
- Cheque truncation
- Certified check
- Clearing (finance)
- IRD
- Cheque clearing
- Bank
