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The age of checkless commerce still has not arrived, but there are definitely fewer checks

By Richard Gamble | Updated on May 01, 2003

What would happen to your liquidity and working capital if many of the checks you wrote were presented for payment two days sooner? How about if your bank gave you a day’s better availability on many deposited checks? What would happen to your defenses against check fraud if your checks cleared as digital images instead of paper documents or if they were converted to ACH debits by the bank where they were deposited?

Despite the fact that most treasury departments have not yet been forced to contend with such challenges, these questions are far from hypothetical. Initiatives that would turn paper checks into electronic payments are coming–slower perhaps than hoped for by those who think it will revolutionize business, but faster than those sitting in corporate treasuries or even banks feel prepared for.

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