Federal Reserve Marks FirstPrivate-Public Image Exchange

NEW YORK - (03/08/05) -- The Federal Reserve said it is nowconnected to the Clearing House Payments Co. and has begun sendingelectronic image files through the SVPCO Image Exchange Network,marking the first exchange between private and public sector imageexchange operators. Wells Fargo and Key Bank were the firstinstitutions to send electronic image files to the Fed over theSPVCO network, allowing the two banks to save on costs byeliminating the need to transfer actual paper checks to the Fed.The connection marks a major milestone for the nation's paymentssystem, helping to usher in the new electronic clearing systemfacilitated by the new Check 21 law. The Clearing House PaymentsSystem is owned by several large banks, including Wells, Key Bank,JP Morgan Chase, Bank of America, Citibank, Wachovia, SunTrust, andseveral others.