The Reserve Banks are now pricing their check services to encourage greater use of electronic check clearing. The Reserve Banks are also leaders in providing Check 21 services that encourage depository institutions to shift to a greater use of electronics in check processing and are working collaboratively with the industry on electronic check standards and other technical issues.
Most importantly, the Reserve Banks will continue to compete as payment services providers on a fair and equitable basis by pricing their services to recover their costs, including imputed profits and taxes, over the long run, as required by the Monetary Control Act of 1980.