The New York Clearing House Association has dropped the last shoe in its "privatization," announcing the formation of a national clearing house for low-dollar payments.

Twelve of the largest U.S. banks have signed letters of intent to become owners of Small Value Payments Co., or SVPCo, a commercial enterprise that would be administered by New York Clearing House Association LLC.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.