For Immediate Release
Press Release
SVPCO Check Image Volume Surpasses
Half Trillion Dollar Mark For The First Time
Total Items Triple Compared To October 2006, Monthly Dollar Value Doubles
New York – Nov. 7, 2007 – SVPCO, the paper and electronic check exchange business of The Clearing House Payments Company L.L.C., today said that monthly image volume continued to grow strongly in October.
The SVPCO Image Payments Network, the nation's leading, private-sector image exchange system, reported the following highlights and volume for October:
• 328.7 million in total monthly items, a 232% increase compared to a year ago.
• $535.7 billion in total monthly dollar value, a 122.9% increase compared to a year ago.
• The Federal Reserve’s volume increased 28.4% to 65.0 million items from September 2007.
• On Oct. 9, a record 26.9 million items totaling $42.3 billion were handled by the network. There were 22 processing days in October.
In October 2006, monthly items totaled 99.0 million and monthly dollar volume was $240.3 billion. Historical data can be found at www.svpco.com.
“Image exchange volume in the SVPCO Image Payments Network more than tripled from October 2006 and exceeded a half trillion dollars for the first time last month,” said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. “The strong volume growth is due to the fact that financial institutions are continuing to leverage the SVPCO Image Payments Network to streamline check processing and migrate from paper to electronic payments.”
Through October, 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, 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 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.
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-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 $2.1 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; 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: ABN AMRO Bank N.V., 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, M&T Bank, National City Bank, PNC Bank, UBS, U.S. Bank, Wachovia Bank, and Wells Fargo Bank.
SVPCO Media Contacts
Chip Savidge, Office: 336.769.5321, Mobile: 917.576.0957, chip.savidge@theclearinghouse.org
Greg Berardi, Office: 415.239.7826, Mobile: 415.672.2377, greg@bluemarlinpartners.com
