Check Image Exchange HitsMilestone

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NEW YORK - (03/09/06) – SVPCO-Electronic ClearingServices, one of three private sector electronic check exchangesspawned by last year’s Check 21 law, reported the dailyaverage check image volume in the Image Payments network grew 47%in February and surpassed one million items for the first time.That included $3.9 billion in average daily volume and a total of$74.4 billion in monthly volume for February. Twelve banks arecurrently exchanging items over the network, in addition tosignificant volume being exchanged through the network’sconnection to the Federal Reserve and EDS. The network is owned bythe world’s biggest banks, including Bank of America, Bank ofTokyo-Mitsubishi, Citibank, JP Morgan Chase, HSBC, UBS, WellsFargo, Wachovia, among others.

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