ECCHO has been actively involved in the development of rules using electronics to facilitate a more efficient check payment system. Existing paper check law includes large volumes of statutory, regulatory and case law to govern the exchange of paper checks. There is however no law to govern the exchange of check images. Without ECCHOâs rules, institutions exchanging images would assume an indeterminate amount of risk. ECCHOâs rules address this deficiency in check law by providing a common, multilateral agreement among the members.
Image Exchangeâs agreement with ECCHO ensures that when its customers exchange check images through Image Exchangeâs iXchange system they will be covered by clearinghouse rules that are the accepted industry standard.
"Everyday it is increasingly apparent that many banks are making commitments to exchanging check images," said David Walker, president of ECCHO. "Banks can see the strategic value of image-based check truncation and are moving forward. ECCHO is very pleased to be working with Image Exchange to bring additional value to its customers."
"The process of exchanging electronic check images is an ever-evolving one," said Russell Lloyd, vice president of Image Exchange. "By partnering with such a respected and established organization as ECCHO, Image Exchange members will have access to proven, well-planned exchange guidelines that not only facilitate the exchange process itself, but pave the way for broader acceptance and expansion of the exchange of images across the United States."