More NewsUS Clearing House Payments Company Launches Image Exchange Network

US Clearing House Payments Company Launches Image Exchange Network

SVPCO, the electronic check processing business of The Clearing House Payments Company, has launched the company’s Image Exchange Network following a successful, two-month test period with KeyBank and JPMorgan Chase. Susan Long, senior vice president of SVPCO, said: ‘Based on the success of the KeyBank-JPMorgan Chase exchange, we expect a number of other SVPCO owner banks and aggregators to start exchanges shortly.’ SVPCO’s Image Exchange Network, the first large-scale image exchange platform, enables financial institutions of all sizes in all locations to clear and settle check images directly or through other parties. The network allows institutions to create digitised images of paper checks to eliminate the costly expense of physically transporting the check, thus streamlining and expediting the entire clearing process. Electronic check image exchange is expected to save US banks $2.1bn a year in operational efficiencies and lower costs, according to an SVPCO study.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha