Imaging: SVPCO Image Payments Network Reports Strong Volume Growth In November
SVPCO, the paper and electronic check exchange business of The Clearing House Payments Company L.L.C., recently said that monthly image volume more than tripled compared to November 2006.
The SVPCO Image Payments Network, the nation's leading, private-sector image exchange system, also reported the following highlights and volume for November:
- 321.2M in total monthly items, a 205% increase compared to a year ago.
- $505.3 B in total monthly dollar value, a 103.3% increase compared to a year ago.
- The Federal Reserve's volume decreased 7.8% to 59.9M items from October 2007.
- On Nov. 13, a record 27.4M items totaling $45.6B were handled by the network.
- There were 20 processing days in November, compared to 22 in October. In November 2006, monthly items totaled 105.1 million and monthly dollar volume was $248.5 B. Historical data can be found at www.svpco.com
"The tripling of volume in November compared to a year ago reflects the fact that the SVPCO Image Payments Network is enabling institutions to fully leverage their image exchange strategy," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "As image costs decline and paper check processing costs increase, the business case for executing an image exchange strategy today is now more compelling than ever."
Through November, participating institutions in the SVPCO Image Payments Network were Bank of America, Bank of Stockton, The Bank of New York, BB&T, Comerica Bank, Fifth Third Bank, First Citizens Bank, HSBC Bank, Huntington National Bank, JPMorgan Chase Bank, KeyBank,LaSalle Bank, M&I Bank, M&T Bank, Members United Corporate Federal Credit Union, NationalCity Bank, PNC Bank, Sterling National Bank, Union Bank of California, U.S. Bank, WachoviaBank, and Wells Fargo Bank. Through its relationship with the Federal Reserve and EndpointExchange, 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.
For more information about the SVPCO Image Payments Network, contact Susan Goold, Vice President, Products and Services, SVPCO, 201.319.5554, susan.goold@svpco.com.
About The Clearing House Payments Company
Formed by banks more than 150 years ago, The Clearing House operates payment systems
infrastructure and facilitates forums for the U.S. banking industry. The Clearing House clears and
settles more than 40 million check and electronic payments with a value of $2.4 trillion each day
for financial institutions in the U.S. and around the world. The Clearing House's strategic forum
brings together financial institutions to discuss and take action on payments industry issues, while its bank association addresses legal and regulatory matters of critical importance to its members.
For more information, visitwww.theclearinghouse.org.
SOURCE: The Clearing House Payments Company L.L.C
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