The number of check images sent through the SVPCO Image Payments Network in August grew 79% from a year earlier, helped in part by two new users.
Clearing House Payments Co. LLC, which operates the network, said Wednesday that Suncoast Schools Federal Credit Union in Tampa and Cole Taylor Bank in Chicago both began using the SVPCO system last month.
Volume for the month was 472.8 million images, worth $730 billion, and average daily volume was 22.5 million images, up 96.2%. August had 21 processing days.
More than two dozen financial companies and the Federal Reserve banks use SVPCO to clear and settle checks electronically.