National Check Exchange Debuts
SVPCO Check Services, the check processing business of The Clearing House Payments Co., plans to open its national check exchange on April 4, the latest venture to seek to capitalize on the Check 21 law.
The SVPCO National Check Exchange, the product of several mergers of regional check exchanges, including the Western Payments Alliance and Chicago Clearing House Association, will hold a 30-day registration period for participants starting March 4.
Participation in the National Check Exchange will not require current members to install new systems or processes, but will allow them to simply direct their processors or messengers to drop packages of checks or substitute checks at The Clearing House facilities in New York, Philadelphia, Chicago, Los Angeles and San Francisco.
The exchange will compete with Endpoint Exchange and several other fledgling check clearing operations aimed at harnessing the new electronic check clearing law.