Consolidation Continues In CheckClearing

March 11, 2005, 1:00 a.m. EST 1 Min Read

NEW YORK - (03/11/05) -- The shakeout continued in the checkclearing business with the Clearing House Payments Co. adding theUpstate New York Clearing House Association to its growingSVPCO-Check Services network, the company said Thursday. The checkclearing operation is owned by the biggest banks in the nation andis a rival to the Checkpoint Exchange network owned by Metavante,and Fiserv, the other two major clearing networks. In the past twoyears, the Clearing House has combined the check processingoperations of the Western Payments Alliance, Chicago Clearing HouseAssociation, Connecticut Clearing House Corp., Northeast RegionalCheck Exchange-Long Island Arrangement, and Liberty Clearing HouseAssociation (New Jersey and Philadelphia.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Politics and policy

How the Trump administration has neutralized the CFPB

Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.

By Kate Berry

59m ago
Monetary policy

More rate cuts eyed as Fed zeroes in on soft labor market

Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.

By Maria Volkova

9h ago
Bank stocks

Bank stocks rise on Fed's first rate cut of 2025

The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.

By Allissa Kline

September 17
Community banking

New York bank doubles down on insurance with big investment

Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.

By John Reosti

September 17
Stablecoin

Minnesota credit union is launching its own stablecoin

St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.

By Melinda Huspen

September 17
Apple Pay

Affirm, Klarna, deepen ties with Apple

The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.

By Joey Pizzolato

September 17