Volume on the SVPCO Image Payments Network continues to climb, more than tripling in October compared with October of last year.
The Clearing House Payments Co. LLC, which operates the image exchange network, said Wednesday that volume was 328.7 million images, 232% more than October 2006, worth $535.7 billion, up 123%. The busiest day was Oct. 9, when 26.9 million items worth $42.3 billion were sent across the network.
Twenty-two banks and credit unions and the Federal Reserve banks use the SVPCO network to deliver check images to one another for settlement.
"The strong volume growth is due to the fact that financial institutions are continuing to leverage the SVPCO Image Payments Network to streamline check processing and migrate from paper to electronic payments," Susan Long, the New York company's senior vice president in charge of SVPCO, said in a press release.
