SVPCO reports record cheque imaging volumes

Source: SVPCO

SVPCO, the paper and electronic check exchange business of The Clearing House Payments Company, today reported a record number of check images and dollar volume for the month of September.

The SVPCO Image Payments Network also posted the following highlights for September 2008:

  • Southwest Corporate Federal Credit Union connected to the network.
  • Average daily volume of 24.8 million items, an increase of 85% compared to a year ago.
  • 522.1 million check images, a 104.4% increase compared to a year ago.
  • $807.5 billion in dollar value, an 88.7% increase compared to a year ago.
  • There were a total of 21 processing days in September.

In September 2007, monthly items totaled 255.3 million and monthly dollar volume was $427.8 billion. Historical data can be found at www.svpco.com.

"September was another record month for the SVPCO Image Payments Network, both in the total number of check images and dollar volume," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "We were pleased to welcome Southwest Corporate Federal Credit Union to the network in September, and we stand ready to help other financial institutions of all sizes develop a business case to implement an image exchange strategy."

Through September, participants in the SVPCO Image Payments Network are Astoria Federal Savings, Bank of America, Bank of Stockton, The Bank of New York Mellon, BB&T, Citibank, Cole Taylor Bank, Comerica Bank, Fifth Third Bank, First Citizens Bank, HSBC Bank, Huntington National Bank, JPMorgan Chase Bank, KeyBank, M&I Bank, M&T Bank, Members United Corporate Federal Credit Union, National City Bank, PNC Bank, RBS Citizens Bank, Regions Bank, Southwest Corporate Federal Credit Union, Sterling Federal Bank, Sterling National Bank, Suncoast Schools Federal Credit Union, Union Bank of California, U.S. Bank, Wachovia Bank, and Wells Fargo Bank. Through its connections with the Federal Reserve and Endpoint Exchange, the Image Payments Network can reach more than 10,000 endpoints and help financial institutions of all sizes take advantage of image 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.

SVPCO's transit volume capabilities allow banks to aggregate transit items for clearing to local banks not connected to the Image Payments Network. As a result, institutions can more efficiently route these transactions electronically, replacing time-consuming and more expensive ground and air transportation.

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