SVPCO - Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today announced that The Bank of New York, (NYSE:BK) is now participating in the SVPCO Image Payments Network.
"The Bank of New York views image exchange as a strategic opportunity to introduce new efficiency and innovation into our check processing operations," said Peter Allutto, Managing Director of The Bank of New York. "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, the Federal Reserve and Endpoint Exchange."
The Image Payments Network is the nation's private-sector volume leader in image exchange. In April 2007, the network exchanged 193.9 million in items totaling $383.6 billion in value. Also in April, Endpoint Exchange linked to the SVPCO Image Payments Network to enable small- to mid-tier institutions to cost effectively exchange check images.
"The SVPCO Image Payments Network provides The Bank of New York 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 The Bank of New York will not only allow the bank to streamline its check processing operations, but also benefits other institutions participating in the SVPCO Image Payments Network."
The Bank of New York is connecting to the SVPCO 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.
The Bank of New York is the latest institution to join the SVPCO Image Payments Network. Other participants include 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 and Endpoint Exchange, the SVPCO Image Payments Network can reach more than 10,000 endpoints and help financial institutions of all sizes take advantage of image exchange.