Electronic Check Presentment - Definition

Called ECP for short, it captures an electronic image of the check at the point of sale. The image, rather than the paper check, is then processed by banks and clearinghouses. The way it works is that a depositing bank sends the paying bank (or a Federal Reserve Bank) an electronic transmission containing the details of a check, such as the amount, account number and check number, that the depositing bank will be presenting later in the day or the following business day.