Clearing House Payments Co. LLC plans to announce today that it has begun providing automated settlement for checks cleared through its image exchange network.
George F. Thomas, an executive vice president at The Clearing House, said six large banks - units of Bank of America Corp., JPMorgan Chase & Co., KeyCorp, National City Corp., Wachovia Corp., and Union Bank of California, which is mostly owned by Mitsubishi Tokyo Financial Group Inc. - began using the integrated settlement system Monday night.
The Clearing House is using its connection to the Federal Reserve System to provide multilateral net settlement twice a day, at noon and 4 p.m., Mr. Thomas said in an interview Tuesday. The company has renamed its image exchange system the SVPCO Image Payments Network to reflect the service upgrade.
