TAMPA, Fla. – Suncoast Schools FCU yesterday announced it has connected to the SVPCO Image Payments Network, one of three national electronic check and image networks.
Florida’s largest credit union is connecting to the network through the SVPCO Gateway DTA, which enables institutions to send and receive bulk files of images on a peer-to-peer basis through the network. SVPCO's File Transfer Protocol (FTP) option, a secure, low-cost, Internet based connection, will provide Suncoast Schools FCU with an effective way to link to the SVPCO Image Payments Network and exchange images.
The Image Payments Network offers financial institutions a variety of connectivity options. The SVPCO Distributed Traffic Agent enables financial institutions with larger volumes to transmit check images directly to each other.
The company said the SVPCO Gateway DTA is a cost-effective solution designed for institutions with smaller volumes or who are interested in gradually ramping up their image processing capabilities.
The Image Payments Network also can be accessed through an institution's correspondent banking relationship or through a third-party processor.
SVPCO is a conglomeration of as many as eight regional check clearinghouses that is now owned by 20 of the biggest banks, including: JP Morgan Chase, Citibank, Bank of America, Wachovia, Wells Fargo, KeyBank, Fifth Third Bank and U.S. Bank.
