NEW YORK (11/13/08)--A record volume of check images and dollar value was posted in October on the SVPCO Image Payments Network, said The Clearing House Payments Co. Monday. During October, the company reported average daily check-image volume of 24.9 million items, a 67.1% increase from October 2007. These included items processed for Members United Corporate FCU, Southwest Corporate FCU, Suncoast Schools FCU, Bank of America, JPMorgan Chase Bank, U.S. Bank, Wachovia Bank and Wells Fargo Bank, as well as a number of other major banks. The network also processed:
* Roughly 549.4 million check images, also a 67.1% increase from the 328.7 million items processed a year earlier; * About $816.3 billion in dollar value, an increase of 52.4% over October 2007's $535.7 billion;
Oct. 14 saw the largest exchange for the month--a record 45 million items valued at $66.1 billion. October had 22 processing days. According to Susan Long, senior vice president of The Clearing House, the October numbers marked the "eighth time in 10 months that the key indicator of check image volume set a new record." She attributed the growth to financial institutions realizing they can save costs and improve their processes by moving from paper to electronic payments.