For hundreds of years, checks had been handled more or less the same way. People or businesses presented a paper check and got money in return.
Having targeted the paper-pile problem in other areas of their operations, insurers understood the process-improvement benefits of imaging and document management technology. However, the impact of applying traditional imaging to checks had been, until recently, minimal, because checks still needed to be recoverable as original documents.
Maybe companies were just hoping paper checks would disappear. After all, checks are the only form of payment whose volume is decreasing–an annual drop of 6.4 percent since 2003, according to the 2007 Federal Reserve Payment Study.
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