The Small Value Payments Company (SVPCo) is teaming with Ontario-based payments processing firm Symcor to establish a cross border image exchange between financial institutions in the US and Canada.
Symcor says its Canadian client banks will find the exchange of electronic data and cheque images offers tremendous assistance in fighting fraudulent cheques moving cross-border.
Hank Farrar, President of SVPCo, adds: "Given that the Symcor and SVPCo clients have a large number of cheques drawn on each other, it is critical that we form a strong bridge between our organisations."
Separately, Empire Corporate Federal Credit Union (Empire Corporate) has signed an agreement to use SVPCo's cheque image exchange network to transfer electronic cheque presentment (ECP) data and images for both forward and return presentments.
Farra says the agreement with Empire is important in ensuring that the network is accessible to all participating firms, regardless of existing imaging capabilities.
"Each company (SVPCo and Empire) is focused on its own initiatives, but it is important that these initiatives work together to provide the greatest value to all customers," he adds.
SVPCo says research conducted by its 22 owner banks showed that electronic cheque image exchange will reduce industry-wide operating costs by an estimated $2.1 billion annually.