SVPCO, the paper and electronic check exchange business of The Clearing House Payments Company L.L.C., today announced that Astoria Federal Savings and Loan has become the first S&L in the United States to exchange check images through the SVPCO Image Payments Network.
Astoria Federal Savings is connecting to the network through the SVPCO Gateway DTA, which enables institutions to send and receive bulk files of images through the network. Astoria Federal Savings is using SVPCO's File Transfer Protocol (FTP) option, a secure, low-cost, Internet-based connection that makes it easy for institutions to link to the SVPCO Image Payments Network and exchange check images.
"Our participation in the SVPCO Image Payments Network is an opportunity to streamline check processing operations and improve overall efficiency," said Josie Callari, Senior Vice President of Astoria Federal Savings. "The SVPCO Gateway DTA is a cost-efficient solution that meets our specific volume needs, will allow us to take advantage of the recent price declines in check image prices, and reduce the costs associated with the transporting of paper checks for clearing."
In addition to Astoria Federal Savings, institutions utilizing the SVPCO Image Payments Network 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, 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 institutions of all sizes.
For all of 2007, the total number of images handled by the SVPCO Image Payments Network surged 376% from a year ago to 2.8 billion. Total dollar volume increased 167% to $5 trillion from 2006.
"We're pleased to announce that Astoria Federal Savings has become the first S&L in the U.S. to connect to the SVPCO Image Payments Network," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "The SVPCO Gateway DTA fits the specific volume needs of Astoria Federal Savings and will help achieve the institution's long-term objective of executing an image exchange strategy. With paper check prices rising and image prices declining, Astoria Federal Savings will immediately benefit from participating in the nation's largest image exchange network."