2008

SVPCo Image Payments Network averaged a record 27.3m daily check images in November, up 9.5% from 10/08. The Clearing House reported for 11/08: Webster began sending image cashletters through the network. Average daily volume of 27.3m items, an increase of 70.3% compared to a year ago. 492.3m check images, an increase of 53.2% compared to a year ago. $704.2b in dollar value, an increase of 39.4% compared to a year ago. There were a total of 18 processing days in November, compared to 22 in October. In 11/07, monthly items totaled 321.2m & monthly dollar volume was $505.3b. ‘November daily check image volume increased strongly as more banks connected to the SVPCo Image Payments Network & existing participants increased their total image exchange volume,’ said Susan Long, SVPCo. ‘Banks & CUs are accelerating their plans to move from paper checks to check images to realize significant cost savings. With check prices rising, now is the time to implement an image exchange strategy. We can create a program that fits the specific needs of your institution.’ Through November, a total of 40 participants were connected to the SVPCo Image Payments Network. Among the institutions exchanging check images on the network: Astoria FSB, BofA, Bank of Stockton, BoNY Mellon, BB&T, Citibank, Cole Taylor, Comerica, 5/3, First Citizens, First County, HSBC, Huntington, JPMorganChase, KeyBank, M&I, M&T, Members United Corporate FCU, National City, PNC, RBS Citizens, Regions, Southwest Corporate FCU, Sterling, Suncoast Schools FCU, Union Bank, US Bank, Wachovia & Wells Fargo. Through its connections with the Federal Reserve & Endpoint Exchange, the Image Payments Network can reach 10,000 endpoints & 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 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 be accessed through an institution’s correspondent banking relationship or through a third-party processor. SVPCo’s transit volume capabilities allow banks to aggregate transit items for clearing to local banks not connected to the Image Payments Network. Institutions can more efficiently route these transactions electronically, replacing time-consuming & expensive ground & air transportation.