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Wednesday, February 07, 2007
(The Clearing House)
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New York – Feb. 7, 2007 – SVPCO-Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today said that check image volume posted double-digit increases in January 2007 for both monthly and daily items and dollar value.
In January, the Image Payments Network, the nation’s leading, private-sector image exchange system, reported the following highlights and volume:
- 6.7 million in daily average items, an increase of 10.2% compared to December 2006
- 141.2 million in total monthly items, an increase of 15.7% compared to December 2006
- $15.0 billion in daily average dollar value, an increase of 11.1% compared to December 2006
- $315.9 billion in total monthly dollar value, an increase of 16.7% compared to December 2006
- Seventeen banks were participating in the network, in addition to the connection to the Federal Reserve
- The peak day of the month was Jan. 16, when 11.4 million items valued at $26.7 billion were transmitted
- The Federal Reserve’s volume increased 22% to 21.6 million images
In January 2006, daily average items were 693,949, total monthly items were 13.8 million, daily average dollar volume was $4.1 billion, and monthly dollar volume was $82.2 billion. Historical data can be found at www.svpco.com.
Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO-Electronic Clearing Services, said: “The SVPCO Image Payments Network started off 2007 setting new records across the board, both in terms of the total number of images and dollar value. The strong, double-digit increases were the result of accelerating volume from our participating institutions and a 22% jump in volume from the Federal Reserve. We look forward to continuing the dialogue with institutions seeking to develop an image exchange strategy and look forward to seeing colleagues at the BAI TransPay Conference & Expo in Orlando next week.”
SVPCO’s exhibit booth at BAI TransPay is No. 509. SVPCO Vice President Susan Goold, Director of Products and Services, will be speaking at the conference on Monday, Feb. 12 at 10:45 a.m. The session is entitled, “The New Image Exchange Standard: Transitioning to 180.” 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 December, 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.
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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