The Clearing House Payments Co. LLC is planning to link its SVPCO image exchange network with the OnWe clearing network operated by LendingTools.com Inc. of Wichita.
The Clearing House announced the agreement last week during the Bank Administration Institute's TransPay conference in Dallas.
The New York company, which is owned by 21 large U.S. banking companies, typically does not announce new SVPCO participants until they have gone live on the network, but Susan Long, a senior vice president at The Clearing House and the head of the SVPCO unit, said her company wanted to demonstrate the continuing acceleration of image exchange.
The connection is expected to go live next quarter, she said.
About 375 banks are using the OnWe network. Eric Goering, the president of LendingTools.com, said eight bankers' banks and one commercial correspondent bank are in various stages of implementation to act as "community hubs" for its regional exchange networks that make up OnWe.
"These bankers' banks are in the perfect market position, but they haven't been in this business" of acting as check-clearing intermediaries, Mr. Goering said. "Once you get them off the ground, they go like gangbusters."
Ms. Long said nine more large banks are working to connect to SVPCO for image clearing.
