Exam CRCM topic 1 question 162 discussion

In banking terminologies, an "item" refers to an instrument or promise or order to pay money, whether negotiable or non-negotiable, that is sent by a sender and is payable in a Federal Reserve District or sent to and collectible in funds acceptable to a Reserve Bank. Additionally, an electronic image of this document, together with electronic information describing that item in an approved format, is considered a valid instrument.