SVPCo and Empire Corporate Federal Credit Union Agree to Collaborate on Exchange of Check Images
Empire Corporate Federal Credit Union (Empire Corporate) and SVPCo have agreed to formally cooperate on establishing system connectivity to allow for electronic exchange of check data and images between their clients’ financial institutions. The two organisations will work together to exchange electronic check presentment data and images for both forward and return presentments. Electronic check image exchange will create operational efficiencies for financial institutions and reduce industry-wide operating costs by an estimated $2.1 billion annually, according to a study conducted in cooperation with the SVPCo owner banks. Eliminating dependency on paper will improve operational efficiencies while providing further stability to the United States payment system in the event of any disruption to the transportation system.