The average daily check image volume last month on the SVPCO Image Payments Network rose 17.5% from September, to 4.7 million items.
The Clearing House Payments Co. LLC, which operates the network, said last week that total volume for the month rose 23.4%, to 99 million images, just short of the 100 million the company has said that it expected by yearend.
The average daily dollar value of images moving across the network rose 17.6%, to $11.4 billion, and the monthly total rose 23.4%, to $240.3 billion.
Sixteen banks now send images across the SVPCO network, including Sterling National Bank in New York, which started using the network last month.
George Thomas, an executive vice president with The Clearing House, said in a press release that the network will reach the 100 million milestone easily this month, "two months earlier than we originally anticipated."
According to Mr. Thomas, the strong growth was caused by two key factors: "More institutions recognize the value in migrating paper checks to electronic payments, and SVPCO is making it increasingly easy to connect to the Image Payments Network."
