Check Imaging Exchange Facility Launched by Fiserv and SVPCo
Fiserv and SVPCo have agreed to formally cooperate on establishing system connectivity to allow for electronic exchange of check data and images between their client financial institutions. The firms claim that the agreement will make certain that participating financial institutions can attain the maximum value from image exchange regardless of their unique imaging strategies. Fiserv and SVPCo will work together to exchange ECP (electronic check presentment) data and images for both forward and return presentments. Fiserv, and SVPCo expect the partnership to create operational efficiencies for banks and reduce industry-wide operating costs by an estimated $2.1 billion annually.