Record Check Image Volumes at SVPCO in 2008
The SVPCO Image Payments Network has announced it exchanged a record 5.6 billion check images in 2008, up 97% from 2.8 billion images in 2007. For all of 2008, dollar volume also hit an all-time high of $8.5 trillion, up 71% from $5 trillion in 2007. The number of institutions exchanging images also rose to an all-time high of 44 in 2008, up from 24 in 2007. The SVPCO Image Payments Network began operations in January 2005.
"The Gateway DTA with an Internet-based connection is one of the reasons our image network is growing so dramatically," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "By using the Gateway DTA with an Internet connection, institutions can get all the advantages of being part of this network without the expense of installing a dedicated line and server. In 2009, we expect the Gateway DTA to be the network connection of choice for financial institutions and a key driver of growth because institutions are more focused than ever on finding new ways to reduce costs."
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