The passage of the Check 21 Act is likely to invigorate these efforts and also to encourage a range of new check-clearing techniques that are only now being envisioned. Overall, these changes suggest not only a reduction in the scale of overall check clearing, but also a shift to new technologies and services to meet remaining demand.
In passing, I would like to encourage banking organizations to participate in a new survey on check usage that the Federal Reserve will be conducting in 2004--a follow-up to a similar survey conducted in 2001. Improved data on check usage are very important in helping the financial industry and the public adjust smoothly to the changes that are now in process.