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BoNY's Peter Allutto to chair SVPCO national business committee

19 October 2004  |  485 views  |  0 Source: SVPCO

SVPCO-Check Services, the national check processing business of The Clearing House Payments Company, today announced that Peter Allutto of The Bank of New York has been named Chairman of the newly created National Business Committee.

The 26-member National Business Committee is an advisory group to SVPCO- Check Services and is designed to identify opportunities to increase the efficiency of check processing, reduce costs, improve customer service and provide strategic direction and leadership as the industry continues to consolidate and transition to electronic payments.

The Committee comprises institutions of all sizes and is represented by senior bankers focused on check clearing, settlement and payments risk management. The Committee will meet at least twice a year. Regional committees will meet more often to solicit and provide additional input to the national committee.

Mr. Allutto, a Senior Vice President with The Bank of New York, was elected to a two-year term of the National Business Committee.

"The National Business Committee will enable banks to work together through The Clearing House to improve the economics of check processing," Allutto said. "The post-Check 21 era represents a unique opportunity in banking history to realize significant operational efficiencies, and the National Business Committee will be a catalyst in achieving this strategic objective."

Members of the National Business Committee include ABN AMRO, Bank of America, The Bank of New York, Bank of Tokyo-Mitsubishi/Union Bank of California, Citibank, Citizens Bank, Comerica Bank, Deutsche Bank, HSBC Bank, JPMorgan Chase Bank, KeyBank, M&T Bank, National City, PNC, U.S. Bank, Wachovia Bank, Wells Fargo Bank, Astoria Federal Savings, Bank of the West, Banknorth, City National, Cole-Taylor, Harris Trust and Savings, Washington Mutual, Northern Trust Company and Zions Bank.

Jerry Milano, Senior Vice President of The Clearing House Payments Company, responsible for SVPCO-Check Services, said: "As the check processing business continues to consolidate, the National Business Committee will play the key role in helping SVPCO-Check Services identify opportunities to lower costs and streamline check processing operations. The strength of the National Business Committee is in its depth of expertise and the breadth of representation, which includes financial institutions of all sizes from all regions of the country."

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