Mutual Services Inc., Braintree, Mass., which supplies data processing services for financial institutions, will use the Bank of Boston to clear outgoing checks. The service is being offered as an alternative to the Federal Reserve Bank in Boston.
Bank of Boston will function as the check clearing source for all checks received from MSI, which handles more than 60 million checks a year for its clients. Initially, it is expected that more than one million checks a month will move through the MSI/Bank of Boston processing connection.
MSI processes over 100 million transactions each year.
Bank of Boston Corp. has assets of $43.3 billion.