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Average daily check image volume reaches all-time high
NEW YORK (12/16/08)--The SVPCO Image Payments Network averaged a record 27.3 million daily check images in November, up 9.5% from October 2008, The Clearing House Payment Company reported last week. The U.S. Clearing House operates payment systems infrastructure and facilitates forums for the U.S. financial services industry. The Clearing House also reported the following network highlights for November 2008 (PR Newswire Dec. 8):
* Average daily volume of 27.3 million items, an increase of 70.3% compared with a year ago; * 492.3 million check images, an increase of 53.2% compared with a year ago; * $704.2 billion in dollar value, an increase of 39.4% compared with a year ago; and * About 18 processing days in November, compared with 22 in October.
In November 2007, monthly items totaled 321.2 million and monthly dollar volume was $505.3 billion. “November daily check image volume increased strongly as more banks connected to the SVPCO Image Payments Network and existing participants increased their total image exchange volume,” said Susan Long, senior vice president of The Clearing House, responsible for SVPCO. “Across the country, banks and credit unions are accelerating their plans to move from paper checks to check images to realize significant cost savings,” she added. “With check prices rising, now is the time to implement an image exchange strategy. Through November, 40 participants were connected to the SVPCO Image Payments Network. Through its connections with the Federal Reserve and Endpoint Exchange, the Image Payments Network can reach more than 10,000 endpoints and help financial institutions of all sizes use image exchange.
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