FIS has checked out of its Certegy Check Services business unit by selling all the assets to US-based investment management firm Variant Equity Advisors.
- By end of August, the Certegy business became an independent operated company with closing. However, FIS will continue with its cheque processing service.
- According to the Fed, restated estimates show that total commercial cheque paid decreased 3% a year, by number in 2012-2015, which is low and increased 2.2% a year by value, a reversal of the previously reported decline.
- In 2015-2016, show declines of 3.6% by number and 3.7% by value in commercial cheques paid by a group of the largest depository institutions.
- In that year, the total number of cheque payments was 17.9 billion. While the total value came to $28.97 trillion.