Bank of New York Co. Inc. has connected its payments system to the SVPCO Image Payments Network operated by The Clearing House Payments Co. LLC of New York.
The Clearing House said Monday that Bank of New York is linked to the check image exchange system through its distributed traffic agent application, which was designed for financial companies with relatively small check volume.
Eighteen banking companies and the Federal Reserve banks use the SVPCO system to send and receive check images for settlement.
The Clearing House announced last month that it had linked its network to Metavante Corp.'s Endpoint Exchange network, which primarily serves small financial companies.
Peter Allutto, a Bank of New York managing director, said in a press release from The Clearing House that his company "views image exchange as a strategic opportunity to introduce new efficiency and innovation into our check processing operations."
Last month average daily volume on the SVPCO network rose 14.4% from March, to a record 9.2 million items. Total monthly volume rose 450% from a year earlier, to 193.9 million items, and their dollar value rose 206%, to $383.6 billion. The connection to the Federal Reserve banks accounted for 32.2 million images, or about 17% of the total.
