SVPCO - Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today announced that Members United Corporate Federal Credit Union has become the first corporate credit union in the nation to connect to the SVPCO Image Payments Network.
Members United Corporate Federal Credit Union is connecting to the network through the SVPCO Gateway DTA, which enables institutions to send and receive bulk files of images through the SVPCO Image Payments Network. Members United Corporate Federal Credit Union is using SVPCO's File Transfer Protocol (FTP) option, a low-cost, Internet-based connection that makes it easy for institutions to participate in the network and exchange check images.
"SVPCO's Gateway DTA is a terrific opportunity for Members United Corporate Federal Credit Union to exchange images and benefit from SVPCO's expanding image exchange network," said Terry Faurote, Vice President Item Processing, of Members United Corporate Federal Credit Union. "The SVPCO Image Payments Network provides Members United with a very cost effective image exchange solution that meets the volume needs of our organization. Image exchange is helping Members United achieve its longer term objective of implementing innovation to streamline operations and costs."
The SVPCO Image Payments Network, the nation's private-sector volume leader in image exchange, exchanged 217.9 million in items in May totaling $392.7 billion in value. In addition to Members United Corporate Federal Credit Union, participating institutions include Bank of America, The Bank of New York, 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 Image Payments Network can reach more than 10,000 endpoints and help institutions take advantage of image exchange.
"We're pleased that Members United Corporate Federal Credit Union has become the first corporate credit union in the country to participate in the SVPCO Image Payments Network," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO-Electronic Clearing Services. "By connecting through the SVPCO Gateway DTA, Members United is now realizing the significant cost-saving benefits of image exchange. For both credit unions and banks, now is an opportune time to partner with us to execute an image exchange strategy and reach more than 10,000 endpoints through our connection with the Federal Reserve and Endpoint Exchange."
The Image Payments Network offers financial institutions a variety of connectivity options. The SVPCO Distributed Traffic Agent (DTA) 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.
How the Image Payments Network Works
The Image Payments Network is a single, end-to-end system that provides for transmitting check images directly between participants, thus eliminating the expense of transporting physical checks, and settling the participants' net positions. The network enables financial institutions to exchange and settle check images peer-to-peer without a cumbersome central processing system.
All financial institutions that exchange images directly with each other via the Image Payments Network utilize the automated settlement function. Automated settlement provides online net and bilateral settlement position reporting and eliminates the manual intervention required with other settlement arrangements. Financial institutions can see their net debit or credit position online and view their position with all of the financial institutions participating in the Image Payments Network at any time.