Payments Solution Network, a telecommunications network for electronic check presentment, reported handling 11.5 million items in June, worth $22 billion.
The volume is a sign that the five-year-old venture is coming of age.
"The value of PSN has significantly grown," said Vicki Richter, director of products. "We are making a significant dent in the payments risk and writeoffs that banks experience."
Electronic check presentment reduces the risk of check fraud by speeding the flow of payment information between paying and collecting banks.
The not-for-profit network, which is owned by 13 bank holding companies and managed by Carreker-Antinori Inc. of Dallas, sent 72,000 return notices to collecting banks in June.
Participating banks include Banc One Corp., Deposit Guaranty Bank, First Tennessee National Corp., First Union Corp., Hibernia Corp., KeyCorp, NationsBank Corp., Norwest Corp., Trustmark Bank, and Fleet Financial Group Inc.