New National Check ExchangeDebuts

NEW YORK - (02/23/05) -- SVPCO Check Services, the checkprocessing business of The Clearing House Payments Co., saidTuesday it plans to open its national check exchange on April 4,the latest venture to seek to capitalize on the Check 21 law. TheSVPCO National Check Exchange, the product of several mergers ofregional check exchanges, including the Western Payments Allianceand Chicago Clearing House Association, will hold a 30-dayregistration period for participants starting March 4.Participation in the National Check Exchange will not requirecurrent members to install new systems or processes, but will allowthem to simply direct their processors or messengers to droppackages of checks or substitute checks at The Clearing Housefacilities in New York, Philadelphia, Chicago, Los Angeles and SanFrancisco. The exchange will compete with Endpoint Exchange andseveral other fledgling check clearing operations aimed atharnessing the new electronic check clearing law.