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SVPCO reports record cheque imaging volumes

10 November 2008  |  1846 views  |  0 Source: The Clearing House

The SVPCO Image Payments Network posted record volume of check images and dollar value in October, The Clearing House reported today.

The Clearing House also reported the following network highlights for October 2008:

  • Average daily volume of 24.9 million items, an increase of 67.1% compared to a year ago.
  • 549.4 million check images, a 67.1% increase compared to a year ago.
  • $816.3 billion in dollar value, a 52.4% increase compared to a year ago.
  • On October 14, the network exchanged a record 45 million items valued at $66.1 billion.
  • There were a total of 22 processing days in October.

In October 2007, monthly items totaled 328.7 million and monthly dollar volume was $535.7 billion. Historical data can be found at www.svpco.com.

"The SVPCO Image Payments Network experienced another very strong month of volume growth and October marked the eighth time in 10 months that the key indicator of check image volume set a new record," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "Volume continues to increase steadily because financial institutions are realizing compelling cost savings and process improvements by moving from paper to electronic payments. We stand ready to help institutions of all sizes develop a cost-effective plan to implement an image exchange strategy."

Through October, 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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