Central Banking

Fed outsources in-house cheque images system

The Federal Reserve has decided to migrate its archive of cheque images to a private provider in an effort to reduce costs.

Viewpointe, a provider of cheque image exchange and archive services, announced on Thursday that the Federal Reserve Banks have signed an agreement to store its cheque images with the company.

Fed's archive, shared by the 12 regional Feds, holds around 10 billion cheque images and from more than 1,000 banks and credit institutions. The images will be moved to Viewpointe

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