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Check Image Volume Increases Over 300 Percent in 2007

June 18th, 2008

Record-breaking numbers flooded SVPCO, the paper and electronic check exchange business of The Clearing House Payments Company last year. More than 2.5 billion images–totaling more than $5 trillion–flowed through the network in 2007. The total number of image items in 2007 surged 376 percent from a year ago, when 747 million images were handled by the network. Total dollar volume increased 167 percent from 2006, while the number of processing dates remained identical–251 in both years. Total items both sent and received through the Image Payments Network reached 5.7 billion last year. “2007 was an historic year for image exchange and the SVPCO Image Payments Network,” said Susan Long, senior vice president of The Clearing House, responsible for SVPCO. “The unprecedented volume growth in 2007 was fueled by seven new network participants–including our first corporate credit union–and the emergence of a correspondent transit network among our institutions.”

Reprinted with permission:  Transaction Trends, March 2008

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