SVPCO - Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company, today announced that First Citizens Bank is now participating in the Image Payments Network.
"First Citizens Bank views image exchange as a strategic opportunity to introduce new efficiency and innovation into its check processing operations," said Charles Dail, Senior Vice President of First Citizens Bank. "The SVPCO Image Payments Network is a proven, secure platform that will enable the bank to benefit from exchanging images electronically with other large financial institutions and the Federal Reserve."
The Image Payments Network is the nation's private-sector volume leader in image exchange by dollar value and total number of items. In January 2007, the network exchanged 141.2 million in items totaling $315.9 billion in value.
"The SVPCO Image Payments Network provides First Citizens Bank with a unique opportunity to realize the long-term advantages of check image exchange, and we're pleased to welcome the bank to the network," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO- Electronic Clearing Services. "The participation of First Citizens Bank will not only allow the bank to streamline its check processing operations, but also benefit other institutions participating in the SVPCO Image Payments Network."
First Citizens is connecting to the Image Payments Networks via a dedicated Distributed Traffic Agent (DTA), which is designed to help institutions with larger volumes transmit check images directly to one another. For institutions with lower volumes, the SVPCO Gateway DTA provides a cost-effective connectivity option that can be accessed via the Internet or a dedicated phone line. Additionally, the SVPCO Image Payments Network can be accessed through an institution's correspondent banking relationship or through a third-party processor.
First Citizens Bank is the latest institution to join the Image Payments Network. Other participants include Bank of America, BB&T, Comerica Bank, Fifth Third 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.