Source: The Clearing House Payments Company
Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today announced that Comerica Bank (NYSE: CMA) is now exchanging and settling check images through the SVPCO Image Payments Network.
Check image exchange and settlement represent a significant opportunity to decrease costs, reduce risk and enhance the efficiency of Comerica's check clearing operations," said Paul R. Obermeyer, executive vice president and director of Operations Services at Comerica. "The SVPCO Image Payments Network provides the processes and infrastructure to support Comerica's goal of leveraging innovation wherever possible to streamline operations."
The Image Payments Network is a single, end-to-end system that provides unparalleled control, security and processing efficiency for transmitting and settling check images directly between industry participants. The network enables financial institutions to exchange and settle check images peer-to- peer without a cumbersome central processing system, thus eliminating the expense of transporting physical checks.
"The Image Payments Network is providing immediate benefits to Comerica because of the system's unique relationship with the Federal Reserve and its multilateral settlement capabilities with other institutions now using the network," said Susan Long, Senior Vice President and head of SVPCO-Electronic Clearing Services. "Nine of the top 25 banks in the country now send check images through the Image Payments Network, with more expected to join in the first quarter."
In November, the Image Payments Network set new volume records and reported $3.1 billion in daily average dollar value, an increase of 27 percent compared to October 2005; $61 billion in total monthly dollar value, an increase of 27 percent compared to October 2005; 438,000 in daily average items, an increase of 38 percent compared to October 2005; and 8.8 million in total monthly items, an increase of 38 percent compared to October 2005.