SVPCO, the paper and electronic check exchange business of The Clearing House Payments Company L.L.C., today announced that Cole Taylor Bank, a division of Taylor Capital Group (TAYC), is now connected to the SVPCO Image Payments Network.
Cole Taylor Bank is connecting to the network through the SVPCO Gateway DTA, which enables institutions to send and receive bulk files of images on a peer-to-peer basis through the network.
"Connecting to the SVPCO Image Payments Network is an opportunity for Cole Taylor Bank to realize its strategic objective of moving from paper to electronic payments and to thereby reduce the cost of paper check processing," said Marlon Mello, Vice President of Check Processing of Cole Taylor Bank. "SVPCO's image exchange solution is helping Cole Taylor Bank improve operating efficiency."
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 those 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.
"Cole Taylor Bank recognizes the strategic importance of moving to electronic payments to remain a leader in the marketplace," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "As paper check prices continue to rise, there is a compelling business case for financial institutions all across America to execute an image exchange strategy and benefit from the unique capabilities of the SVPCO Image Payments Network."