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Technology / AI and automation

Federal Reserve sends first check images via SVPCO

The Federal Reserve sent its first images to National City Bank through the Image Payments Network and expects to send more check images to additional banks in coming months.

The Federal Reserve/SVPCO-Image Payments Network connection is enabling a growing number of financial institutions to clear electronic items in a safe and secure environment, said Fred Herr, of the Federal Reserve Bank’s Retail Payment Office.

The Federal Reserve/SVPCO-Image Exchange connection also continues to promote payment system efficiency by eliminating the need to establish redundant infrastructure to clear image cash letters.

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CBR Staff Writer

CBR Online legacy content.