The SVPCO Image Payments Network, the nation's leading image payments network, posted its most successful year to date in 2008, exchanging a record 5.6 billion check images, up 97% from 2.8 billion images in 2007, according to The Clearing House.
For all of 2008, dollar volume also hit an all-time high of $8.5 trillion, up 71% from $5 trillion in 2007. The number of institutions exchanging images also rose to an all-time high of 44 in 2008, up from 24 in 2007. The SVPCO Image Payments Network began operations in January 2005.
"The Gateway DTA with an Internet-based connection is one of the reasons our image network is growing so dramatically," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "By using the Gateway DTA with an Internet connection, institutions can get all the advantages of being part of this network without the expense of installing a dedicated line and server. In 2009, we expect the Gateway DTA to be the network connection of choice for financial institutions and a key driver of growth because institutions are more focused than ever on finding new ways to reduce costs."
The Gateway DTA is a cost-effective way to support smaller image exchange initiatives, as well as programs that are just ramping up. It also makes it easy for sophisticated programs to reach a limited number of specific endpoints in an economical way.
Network highlights for the month of December include the following:
- Four banks began sending and/or receiving image cash letters through the network.
- Average daily volume of 27.4 million items, an increase of 60.8% compared to a year ago.
- 602.8 million check images, an increase of 76.8% compared to a year ago.
- $833.2 billion in dollar value, an increase of 51.7% compared to a year ago.
- There were a total of 22 processing days in December, compared to 18 in November.
In December 2007, monthly items totaled 340.9 million and monthly dollar volume was $549.1 billion. Historical data can be found at www.svpco.com.
Through December, a total of 44 participants were connected to the SVPCO Image Payments Network. 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.