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.