Now – five years later – it is undeniable that several CESEE economies (as well as some peripheral euro area countries) experienced a severe  1  Levine, R. 2005. Finance and Growth: Theory and Evidence, in P. Aghion and S. Durlauf (eds.). Handbook of Economic Growth. Elseview. Chapter 12. 865–934. 2  Reinhart, C. M. and K. S. Rogoff. 2011.
Thus, banks are starting to realize many of the benefits of the end-to-end electronic check processing that were envisioned when Check 21 was enacted, including efficiency gains and cost savings. In addition, they are beginning to offer their customers new and better services. For example, some banks are offering their business customers the ability to truncate checks and deposit them electronically.