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SVPCo reported that the SVPCo Image Payments Network set records for monthly items & dollar value in 6/08. The SVPCo Image Payments Network reported for 6/08: Average daily volume of 22.4m items, an increase of 115% compared to a year ago. 470.9m check images, a 115% increase compared to a year ago. $773.8b in dollar value, a 88.2% increase compared to a year ago. There were a total of 21 processing days in June. In 6/07, monthly items totaled 218.2m & monthly dollar volume was $390b. ‘A significant volume of transit items in June resulted in a record number of monthly items & dollar value in the SVPCo Image Payments Network,’ said Susan Long, SVPCo. ‘Exchanges of transit items destined for non-network financial institutions are a new source of volume for the SVPCo Image Payments Network & they are expected to continue growing strongly for the remainder of 2008. The network’s capacity to handle transit items is another way institutions are leveraging the power of the nation’s leading image exchange network to reduce paper check processing costs.’ The network’s transit volume capabilities allow banks to aggregate transit items for clearing to local banks not connected to the Image Payments Network. Institutions can efficiently route these transactions electronically, replacing time-consuming & more expensive ground & air transportation. Through June, institutions in the SVPCo Image Payments Network were Astoria FSB, BofA, Bank of Stockton, BoNY, BB&T, Citibank, Comerica, 5/3, First Citizens, HSBC Bank, Huntington, JPMorganChase, KeyBank, M&I, M&T, Members United Corporate FCU, National City, PNC, RBS Citizens, Regions, Sterling, Union Bank, US Bank, Wachovia & Wells Fargo. Through its connections with the Fed & Endpoint, 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.