SVPCO - Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today announced that M&I Marshall & Ilsley Bank, (M&I), an affiliate of Marshall & Ilsley Corporation (NYSE: MI ), is now connected to the SVPCO Image Payments Network.
M&I Bank is linked to the network through the SVPCO Gateway DTA, which enables banks and credit unions to send and receive bulk files of images through the SVPCO Image Payments Network. M&I Bank 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.
"M&I Bank recognizes the strategic value of using the SVPCO Image Payments Network to expand its image exchange strategy and to realize the benefits of reduced cost and risk," said Russ Soderberg, Vice President of M&I Bank. "Implementing SVPCO's Gateway DTA is the most recent step that M&I Bank has taken to further streamline its check processing operations."
The SVPCO Image Payments Network, the nation's private-sector volume leader in image exchange, exchanged 218.2 million in items in June totaling $390 billion in value. In addition to M&I Bank, participating institutions include Bank of America, Bank of Stockton, 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, Members United Corporate Federal Credit Union, 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.
"The SVPCO Image Payments Network provides M&I Bank with a unique opportunity to realize the long-term advantages of check image exchange, and we're pleased to welcome M&I Bank to the network," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO-Electronic Clearing Services. "The participation of M&I Bank will not only allow the bank to improve the efficiency of its check processing operations, but also exchange images with a growing number of institutions connected to the nation's premier image exchange system - the SVPCO Image Payments Network."
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.