SVPCO-Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today said that total number of check images transmitted in February set a new record and increased more than 600% compared to a year ago.
In February, the Image Payments Network, the nation’s leading, private- sector image exchange system, reported the following highlights and volume:
— 143.4 million in total monthly items, a 638% increase compared to a year ago and $281.1 billion in total monthly dollar value, an increase of 278% compared to a year ago.
— 7.5 million in daily average items, an increase of 12.25% over January 2007
— First Citizens Bank joined the SVPCO Image Payments Network, bringing the number of banks participating in the system to 18, in addition to the connection to the Federal Reserve
— The Federal Reserve’s volume increased 11.76% to 24.1 million images
— The peak day of the month was Feb. 20, when 13.4 million items valued at $26.0 billion were transmitted
In February 2006, daily average items were 1.0 million, total monthly items were 19.4 million and monthly dollar volume was $74.4 billion. Historical data can be found at http://www.svpco.com.
Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO-Electronic Clearing Services, said: “The momentum for image exchange continues to build strongly as more institutions of all sizes use the SVPCO Image Payments Network to execute their image exchange strategy. We are particularly pleased to welcome First Citizens Bank to the network in February and continue to encourage all institutions to work with us to take advantage of the unique capabilities of the SVPCO Image Payments Network. We have a connectivity solution that fits the size and volume needs of every institution.”
Through February, participating institutions in the Image Payments Network were Bank of America, BB&T, Comerica Bank, Fifth Third Bank, First Citizens Bank, HSBC Bank, Huntington National Bank, JPMorgan Chase Bank, KeyBank, LaSalle Bank, M&T Bank, National City Bank, PNC Bank, Sterling National Bank, Union Bank of California, U.S. Bank, Wachovia Bank, and Wells Fargo Bank. Through its relationship with the Federal Reserve, the Image Payments Network can reach more than 10,000 endpoints and help financial institutions of all sizes take advantage of image exchange.
The Image Payments Network offers financial institutions a variety of connectivity options. The SVPCO Distributed Traffic Agent (DTA), a solution developed by SVPCO with VECTORsgi, enables financial institutions with larger volumes to transmit check images directly to each other. The SVPCO Gateway DTA is a cost-effective solution designed for institutions with smaller volumes or who are interested in gradually ramping up their image processing capabilities. The Image Payments Network can also be accessed through an institution’s correspondent banking relationship or through a third-party processor.
For more information about the SVPCO Image Payments Network, contact Susan Goold, Vice President, Products and Services, SVPCO-Electronic Clearing Services, 201.319.5554, [email protected]
About The Clearing House Payments Company
The Clearing House Payments Company L.L.C. (http://www.theclearinghouse.org) is a private-sector, global payment systems infrastructure that clears and settles 40 million payments for more than $1.6 trillion per day. The Clearing House serves more than 1,400 U.S. financial institutions and hundreds of international participants with payment services that span the entire spectrum of paper, paper-to-electronic and electronic payments. Services include local and regional check exchange and settlement services; ACH association and operations; large-value “wire” payments; electronic check presentment; and image exchange. Financial institutions of all sizes benefit from payment systems that meet the highest standards for reliability, security and service. The Clearing House Payments Company is owned by the following banks or their U.S. banking affiliates: Bank of America, The Bank of New York, The Bank of Tokyo-Mitsubishi UFJ, BB&T, City National Bank, Citibank, Citizens Bank, Comerica Bank, Deutsche Bank, Fifth Third Bank, First-Citizens Bank, HSBC Bank, JPMorgan Chase Bank, KeyBank, LaSalle Bank, M&T Bank, National City Bank, PNC Bank, UBS, U.S. Bank, Wachovia Bank, and Wells Fargo Bank.
