February 22, 2005
SVPCo National Check Exchange Launched - SVPCO Check Services has announced the launch of SVPCO National Check Exchange
, a new national check clearing service that "provides participating institutions with the ability to exchange checks across regions more efficiently, following a universal set of rules."
"The National Check Exchange represents the next phase in the evolution of the U.S. payments system by creating a national check clearing system. The single set of streamlined rules significantly improves the efficiency of check processing," said Peter Allutto, Senior Vice President of The Bank of New York and the Chairman of The Clearing House business committee responsible for SVPCO - Check Services.
"The National Check Exchange permits institutions from one region to exchange and settle items with other institutions under a single set of rules. It's an important milestone that enables institutions of all sizes to benefit from the scale and geographic reach of The Clearing House."