Average Daily Check Image Volume Exceeds 10 Million Items for First Time
A Record 16 Million Items Exchanged on June 4
NEW YORK, July 12 /PRNewswire/ -- SVPCO - Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., today said that monthly average check items and dollar value reached all-time highs in June. The Image Payments Network, the nation's leading, private-sector image exchange system, reported the following highlights and volume for June: -- 218.2 million in total monthly items, a 286% increase compared to a year ago -- $390 billion in total monthly dollar value, a 146% increase compared to a year ago -- 10.3 million in daily average items, an increase of 4.9% from May 2007 -- The Federal Reserve's volume increased 1.2% to 40.0 million images from May 2007 -- On June 4, a record 16 million items totaling $28.1 billion were handled by the network In June 2006, daily average items were 2.5 million, total monthly items were 56.5 million and monthly dollar volume was $157.9 billion. Historical data can be found at www.svpco.com. "In June, the SVPCO Image Payments Network exceeded 10 million daily items for the first time and set a new single-day record for items," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO- Electronic Clearing Services. "Image exchange volume continues to grow strongly because institutions of all sizes are recognizing the long-term benefits of converting paper checks to electronic images. We stand ready to help all institutions interested in executing an image exchange strategy today." Through June, participating institutions in the SVPCO Image Payments Network were Bank of America, 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&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, firstname.lastname@example.org. 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.
SOURCE The Clearing House Payments Company
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