NCC and UBOC exchange images over VECTORsgi developed DTA

Thursday 21 April 2005 10:57 CET | News

National City Bank (NYSE:NCC) and Union Bank of California, National Association (UBOC) are now exchanging check images over the SVPCO Check Image Exchange Network.

The SVPCO Check Image Exchange Network is the nation’s premier image exchange network, enabling financial institutions to perform a variety of check image clearing and settlement functions. The three entities involved in the exchange of images use technology supplied by VECTORsgi. The exchanges are being conducted through SVPCO’s Distributed Traffic Agent (DTA), a solution developed by SVPCO with VECTORsgi, one of its strategic technology partners. The DTA enables financial institutions to transmit check images directly to each other in a cost-effective manner. The DTA works in conjunction with existing item-processing systems to link institutions into the network and enables institutions to directly exchange payloads of electronic images. SVPCO will also operate a gateway DTA that provides service to multiple financial institutions. The initial exchange between Union Bank and National City was tested and deployed at a bank level as opposed to utilizing fixed account tables. The banks fully expect to steadily grow the number of sites, images, and cash letters throughout 2005. In March, Federal Reserve Banks and financial institutions began exchanging images of checks using SVPCO’s peer-to-peer image network. In addition, five of the nation’s largest banks and a large, third-party service provider are also connected to the SVPCO Check Image Exchange Network. Most of The Clearing House’s 19 bank owners are committed to begin linking to the SVPCO Check Image Exchange Network by the end of 2005. SVPCO’s unique Check Image Exchange solution is a single, end-to-end system that provides unparalleled control, security and processing efficiency for transmitting check images and other data directly between participants in the industry. The network enables financial institutions to exchange images of checks peer-to-peer without a cumbersome central processing system thereby eliminating the expense of transporting physical checks. Electronic check image exchange is expected to create efficiencies for the banking industry through operational efficiencies and lower costs.

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Categories: Payments & Commerce | Payments General
Countries: World
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