US Bank Joins SVPCO Image Payments Network

U.S. Bank is the 17th institution to participate in the network and joins existing exchange participants Bank of America, BB&T, Comerica Bank, Fifth Third Bank, HSBC Bank, Huntington National Bank, JPMorgan Chase Bank, KeyBank, LaSalle Bank, M&T Bank, National City Bank, PNC Bank, Union Bank of California, Wachovia Bank, and Wells Fargo Bank. The Federal Reserve also sends and receives check images via the SVPCO Image Payments Network.

“U.S. Bank’s participation in the Image Payments Network is another milestone in advancing the Bank’s strategic objective of migrating paper checks to electronic payments,” said Tom Rea, executive vice president, Transaction Processing Services at U.S. Bank. “The SVPCO Image Payments Network enables U.S. Bank to safely and securely exchange large volumes of check images with other banks, as well as the Federal Reserve.”

“As one of the largest check processors in the country, U.S. Bank will add significant new volume to the SVPCO Image Payments Network, and the bank’s participation represents another major step forward for image exchange,” said Susan Long, senior vice president of The Clearing House, responsible for SVPCO- Electronic Clearing Services. “The SVPCO Image Payments Network provides U.S. Bank with the infrastructure and capabilities to realize its long-term goal of reducing paper checks and increasing electronic payments.”

U.S. Bank is linked to the SVPCO Image Payments Network via a direct connection through a dedicated Distributed Traffic Agent (DTA), one of several connectivity options to the network. In addition to a direct connection, the SVPCO Gateway DTA offers a cost-effective solution for institutions with smaller volumes or who are gradually ramping up their image processing capabilities. The SVPCO Image Payments Network can also be accessed through an institution’s correspondent banking relationship or through a third-party processor. SVPCO provides connectivity options to meet the specific needs of all institutions – from money- center institutions to community banks.