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A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), or image replacement document (IRD), is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check). It may be wholly digital from payment initiation to clearing and settlement or it may be a digital reproduction (truncation) of an original paper check.
Standards and formats
Standards may include:
- Remotely created checks (RCC)
- X9.37 files
The beginnings of substitute checks in the United States were formalized by the Check 21 Act in 2003.
- "Clearing Replacement Documents Coming This October – Amendments to Rule A10". Federal Financial Institutions Examination Council. n.d. Retrieved June 6, 2013.
- "Frequently Asked Questions: 10. What is the difference between an Image Replacement Document (IRD) and a substitute check?". Federal Financial Institutions Examination Council. n.d. Retrieved May 2, 2011.