Last month the number of check images sent through the SVPCO Image Payments Network operated by The Clearing House Payments Co. LLC nearly quadrupled from a year earlier, to a record 218.2 million.
The dollar value of items sent through the network rose 146%, to $390 billion, the New York payments company announced Thursday.
The network is used by 15 major banking companies and the Federal Reserve banks to send and receive check images for settlement.
The daily average number of items rose 4.9% from May and more than quadrupled from a year earlier, to 10.3 million. The network's busiest day ever was June 4, when it carried 16 million items worth $28.1 billion.
Monthly exchange volume with the Fed rose 1.2% from May, to 40 million items.
"Image exchange volume continues to grow strongly, because institutions of all sizes are recognizing the long-term benefits of converting paper checks to electronic images," Susan Long, a senior vice president with The Clearing House, said in a press release.