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Re: garde54 post# 69833

Saturday, 10/13/2007 7:01:31 PM

Saturday, October 13, 2007 7:01:31 PM

Post# of 143047
For U.S. denominated checks that are deposited overseas, this increased efficiency is much more dramatic. A U.S. check deposited in China can take up to five weeks to clear. Check 21 will clear it in a fraction of that time. It therefore becomes a very valuable convenience for the party depositing the check, in exchange for a small service fee.

http://cashnow.com/espritfinancialgroup/

There are no plans to expand Check 21 to accommodate Chinese or other currencies. Remember, Check 21 was a major innovation in the U.S. Banking industry, that is only now reaching full potential. Creating a system to handle Chinese currency would be a tremendous undertaking, well beyond our capabilities, and requiring mobilization of many different Chinese stakeholder groups.

http://cashnow.com/espritfinancialgroup/page/2/


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