SVPCO Carves Out Major Share of Electronic Transfers Market

NEW YORK – U.S. Bancorp said yesterday its U.S. Bank unit, one of the largest bank’s in the country, has begun exchanging check and item images over the SVPCO Image Payments Network. U.S. Bank is the 17th large bank to join network, which reported 99 million check images exchanged in October. U.S. Bank is linked to the network by a direct connection through a dedicated Distribution Traffic Agent, one of several connectivity options to the network. Other participants in the network includes its owners Bank of America, Bank of New York, Tokyo-Mitsubishi UFJ, BB&T, Citibank, JP Morgan Chase, Wells Fargo, PNC, Wachovia and Keybank.

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