The Clearing House Payments has announced that Boston-based Eastern Bank is now connected to its SVPCO Image Payments Network.
Eastern Bank is connecting to the network through the SVPCO Gateway DTA which enables institutions to send and receive bulk files of images on a peer-to-peer basis through the network, said The Clearing House.
The bank is using SVPCO’s File Transfer Protocol option, an internet-based connection that reportedly makes it easy for institutions to link to the SVPCO Image Payments Network and exchange check images.
Bob Murray, senior vice president of Eastern Bank, said: The SVPCO Image Payments Network will enable Eastern Bank to achieve its strategic objective of migrating check processing operations from paper to electronic payments. With paper check prices continuing to rise, the SVPCO Image Payments Network represents a terrific opportunity to minimise costs and streamline our operations.
Susan Long, senior vice president of The Clearing House, responsible for SVPCO, said: Utilising the SVPCO Gateway DTA, Eastern Bank has executed a very cost-effective image exchange strategy that fits its specific volume needs. We’re pleased to welcome another bank to the network, and we are ready to help institutions of all sizes develop and implement a customised image exchange strategy.
