|Meaning||Electronic check presentment|
ECP is an acronym that stands for "electronic check presentment," which is an electronic image of a check. It is used as a substitute for the real paper check and can be processed by banks.
ECP was made possible by the signing of the Check Clearing for the 21st Century Act by President George W. Bush. It allows financial institutions to save money because they can cut down on the cost of sending and storing checks. Also, it increases check clearing time and helps detect NSF and check fraud in less time.
"He check the ECP and realized that the customer was cashing a fraudulent check."
|Updated||September 28, 2017|