Empire Corporate FCI and SVPCo said they will formally cooperate on establishing system connectivity to allow for electronic exchange of check data and images between their client financial institutions mpire Corporate and SVPCo will work together to exchange electronic check presentment data and images for both forward and return presentments lectronic 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, Empire Corporate said.
"Image exchange is gaining significant momentum in the industry, with financial institutions and service providers working diligently to reach the ultimate goal of check truncation, a goal that is more realistic once Check 21 (also called the Check Truncation Act) is passed into law," Empire Corporate noted mpire Corporate provides check-processing services for approximately 550 member credit unions through a network of image-enabled check-processing centers.
