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Thursday, December 07, 2006
(The Clearing House)
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NEW YORK, Dec. 7 /PRNewswire/ - SVPCO-Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today reported that 105 million check images were exchanged in November, exceeding projected volume of 100 million check images a month by the end of 2006. In November, the Image Payments Network, the nation's leading, private- sector image payments system, reported the following highlights and volume:
- 5 million in daily average items, an increase of 6.1% compared to October 2006
- 105 million in total monthly items, an increase of 6.1% compared to October 2006
- $11.8 billion in daily average dollar value, an increase of 3.4% compared to October 2006
- $248.5 billion in total monthly dollar value, an increase of 3.4% compared to October 2006
- U.S. Bank began participating in the Image Payments Network
- Seventeen banks were participating in the network, in addition to the connection to the Federal Reserve
- The Federal Reserve's volume increased 5.6% to 12.6 million images
- The leading senders of images were Wachovia and Bank of America
- The leading receivers of images were Bank of America and Wachovia
In November 2005, daily average items were 438,000, total monthly items were 8.7 million, daily average dollar volume was $3.0 billion, and monthly dollar volume was $61.0 billion. Historical data can be found at http://www.svpco.com.
"We're pleased with the industry's accelerating adoption of image exchange, and we expect 2007 to be another milestone year," said George Thomas, Executive Vice President of The Clearing House. "We project that image volume will double from approximately 100 million images a month in 2006 to 200 million by the end of next year. For all of 2007, we expect volume to grow to 2 billion images from an estimated 720 million images for all of 2006."
Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO-Electronic Clearing Services, said: "The SVPCO Image Payments Network set a new record in November and exchanged more than 100 million images for the first time. The increased activity is due to growing volume from our 17 participants, including U.S. Bank, which began participating in the network in November. "
The Image Payments Network offers financial institutions a variety of connectivity options. The SVPCO Distributed Traffic Agent (DTA), a solution developed by SVPCO with VECTORsgi, 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.
Through November, participating institutions in the Image Payments Network were Bank of America, BB&T, Comerica Bank, Fifth Third Bank, HSBC Bank, Huntington National Bank, JPMorgan Chase Bank, KeyBank, LaSalle Bank, M&T Bank, National City Bank, PNC Bank, Sterling National Bank, Union Bank of California, U.S. Bank, Wachovia Bank, and Wells Fargo Bank. Through its relationship with the Federal Reserve, the Image Payments Network can reach more than 10,000 endpoints and help financial institutions of all sizes take advantage of image exchange.
How the Image Payments Network Works
The Image Payments Network is a single, end-to-end system that provides unparalleled control, security and processing efficiency for transmitting check images directly between participants and settling the participants' net positions. 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.
All financial institutions that exchange images directly with each other via the Image Payments Network utilize the automated settlement function. Automated settlement provides online net and bilateral settlement position reporting and eliminates the manual intervention required with other settlement arrangements. Financial institutions can see their net debit or credit position online and view their position with all of the financial institutions participating in the Image Payments Network at any time.
For more information about the SVPCO Image Payments Network, contact Susan Goold, Vice President, Products and Services, SVPCO-Electronic Clearing Services, 201.319.5554, susan.goold@svpco.com.
About The Clearing House Payments Company
The Clearing House Payments Company L.L.C. (www.theclearinghouse.org) is a private-sector, global payment systems infrastructure that clears and settles 40 million payments for more than $1.6 trillion per day. The Clearing House serves more than 1,400 U.S. financial institutions and hundreds of international participants with payment services that span the entire spectrum of paper, paper-to-electronic and electronic payments. Services include local and regional check exchange and settlement services; ACH association and operations; large-value "wire" payments; electronic check presentment; and image exchange. Financial institutions of all sizes benefit from payment systems that meet the highest standards for reliability, security and service. The Clearing House Payments Company is owned by the following banks or their U.S. banking affiliates: Bank of America, The Bank of New York, The Bank of Tokyo-Mitsubishi UFJ, BB&T, City National Bank, Citibank, Citizens Bank, Comerica Bank, Deutsche Bank, Fifth Third Bank, First-Citizens Bank, HSBC Bank, JPMorgan Chase Bank, KeyBank, LaSalle Bank, M&T Bank, National City Bank, PNC Bank, UBS, U.S. Bank, Wachovia Bank, and Wells Fargo Bank.
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