US bank association The Clearing House will automate the exchange and settlement of cheque adjustments between participant banks using CheckAdjust, an electronic adjustments and settlement network from TFP.
Participating banks, including Mellon Bank, Key Bank and Huntington National Bank, will use the the network to transmit both adjustment and settlement information via the Web, reducing time and cutting costs associated with the two processes.
TFP, a division of Thomson Media, says the system enables settlement through The Clearing House or bilaterally between two financial firms via wire or DDA. Members instantly track and manage all adjustment and settlement transmissions via real-time web-based reports.
The Clearing House also serves as a settlement agent for TFP's automated national net settlement solution.