What is a key advantage of Check 21 in relation to time?

The key advantage of Check 21 is that it enables faster processing of checks. This legislation, which stands for the Check Clearing for the 21st Century Act, allows banks to process checks electronically by creating a substitute check. This substitute check can be deposited and cleared much faster than traditional paper checks because it reduces the physical transportation of checks between banks. As a result, the time from when a check is deposited to when the funds are available in the account is significantly shortened, thereby improving the efficiency of the check clearing process. This is particularly beneficial for both consumers and businesses, as it accelerates access to funds and enhances cash flow management.