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What is check truncation and what does it mean for people who use checks to pay or transfer money?
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What is check truncation and what does it mean for people who use checks to pay or transfer money?
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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