- BenutzernameMoneyland User Questions
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- Registriert seit1/27/17
- Beiträge2142
May 22, 2017, 12:09:04 PM
What is check truncation and what does it mean for people who use checks to pay or transfer money?
What is check truncation?
Here you will find the right answers
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- BenutzernameMoneyguru von moneyland.ch
- OrtSchweiz
- Status Expert
- Registriert seit8/4/15
- Beiträge4072
May 22, 2017, 2:09:12 PM
Hi there,
The term "check truncation" refers to the process of digitizing paper checks. Converting the information on a check into a digital format allows banks to save time and money when processing check transactions because while the order is placed using a paper check, the transaction occurs electronically.
Best regards from Moneyguru
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