Volume on the SVPCO image exchange network more than doubled last month and increased almost fivefold last year.
The Clearing House Payments Co. LLC, which operates the network, said Monday that the number of check images carried last year on the network climbed 376% from 2006, to 2.8 billion. The value of the transactions rose over 150%, to more than $5 trillion.
Last month the number of images carried on the system rose 179% from a year earlier, to 340.9 million. Their value climbed 103%, to $549.1 million.
Also last month, volume through the Federal Reserve banks increased 5% from November, to 62.9 million items.
Susan Long, the Clearing House's senior vice president in charge of SVPCO, said in a press release that the company expects its volume to increase further this year. "The business case for image exchange will be even stronger, as image costs decline and paper check processing costs increase."
Twenty-two banks and credit unions and the Federal Reserve use the SVPCO network to deliver check images to one another for settlement.
Last year seven financial companies hooked up to the network, including its first credit union client, Members United Corporate Federal Credit Union of Warrenville, Ill.
