By permitting banks to use substitute checks in the check-collection process when the recipient could not or would not accept electronic payment, Check 21 has facilitated the expanded use of electronic technologies in check processing, enabling the banking industry and the Federal Reserve to improve the efficiency and cost-effectiveness of its checkprocessing operations.
2  BIS Review 104/2006  Other Reserve Bank services have been undergoing consolidation as well. At some Branches, cash processing by the Federal Reserve has been replaced by a cash depot operated under contract by armored carriers, who collect currency deposits from and distribute currency to depository institutions.