Image Exchange Offers Low-CostGateway
NEW YORK - (06/28/06) SVPCO--Electronic ClearingServices, the electronic image network owned by the nationsbiggest banks, unveiled a low-cost solution Tuesday to connectcredit unions and banks to its fledgling image payments network.SVPCO Gateway will allow credit unions and banks to send andreceive bulk files of images through a dedicated phone line. Theelectronic payments network said users will also be able to accessthe network through an existing Internet connection using FileTransfer Protocol sometime in the third quarter. Both options aredesigned for institutions that process less than 100,000 images perday or are interested in increasing their processing capabilities.Huntington National Bank, of Columbus, Ohio, a $36 billion bankingcompany with 380 branches, is the first institution to use theSVPCO Gateway to gain access to the image payments network. SVPCOis owned by a dozen large banks, including Bank of America, JPMorgan Chase and U.S. Bancorp., and is one of four nationalpayments exchanges emerging from the Check 21 law, along withViewpoint, also owned by large banks, Metavantes EndpointExchange and the Fiserv Clearing Network.