Robert Coyan, Senior Vice President, Marketing & Operations, Corporate One Federal Credit Union
Jim McKee, Senior Vice President, Financial Services, Federal Reserve Bank of Atlanta
Luke Huys, Senior Vice President, Wells Fargo
Moderator: Tony Gerevics, Managing Director, JPMorgan Chase

Born in the age of paper checks, the hundred-year-old system of check routing and transit numbers is now outdated and ripe for change.  The geographically-based RT system is no longer the optimum solution for the delivery of electronic check items, where physical locations are irrelevant to the presentment process.  The system is currently being analyzed by a subcommittee in order to develop new ways to take full advantage of the opportunities afforded by image processing. The problem extends beyond mere inefficiency, introducing elements of risk into the check payment system. Fraudsters are taking advantage of delays in the return process, where items with retired RTs are sent to the original FI, rather than automatically being returned. This session will examine the possibilities of modifications to the current RT system. The presentation will include:

• Brief overview of the current RT system, how it works, and its history
• Issues with the current system
• Unique challenges the Fed faces with regards to the existing system and potential changes
• Update on the activities of the ABA RT Policy Modernization Subcommittee
• Stop gap solutions as well as ideas for wholesale redesign
• Potential solutions and answering audience questions