Fri, Oct. 14, 2005

Scan Checks

.   In the German economy, checks assume a minor role because giral transfers have dominated European banking systems for centuries. Still, the management of some 12 million checks per year can be cumbersome and costly.

To ease such burdens, a new law came into effect on October 13, 2005 that permits the electronic processing of checks similar to the Check 21 procedures established in the United States last year. The Berlin Department of Justice published a press release that describes the process and benefits.


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