Electronic Conversion
Modern operations usually "capture" images of the checks and associated documentation (payment coupons, for example) into a digital format for use in computer systems (i.e., JPEG files). These files can then undergo data entry for further specialized processing. Banks often use specialized equipment that can scan hundreds, or thousands, of checks per minute.
Due to the Check 21 Act, some lockboxes even wholly convert some checks to electronic data, and the paper checks are shredded and never actually returned to the originating bank.
Read more about this topic: Lock Box
Famous quotes containing the words electronic and/or conversion:
“Sometimes, because of its immediacy, television produces a kind of electronic parable. Berlin, for instance, on the day the Wall was opened. Rostropovich was playing his cello by the Wall that no longer cast a shadow, and a million East Berliners were thronging to the West to shop with an allowance given them by West German banks! At that moment the whole world saw how materialism had lost its awesome historic power and become a shopping list.”
—John Berger (b. 1926)
“The conversion of a savage to Christianity is the conversion of Christianity to savagery.”
—George Bernard Shaw (1856–1950)