M&I Marshall & Ilsley Bank Connects To SVPCO Image Payments Network
13 August 2007 - 10:45PM
PR Newswire (US)
NEW YORK, Aug. 13 /PRNewswire/ -- SVPCO -- Electronic Clearing
Services, the electronic check and check image exchange business of
The Clearing House Payments Company L.L.C., today announced that
M&I Marshall & Ilsley Bank, (M&I), an affiliate of
Marshall & Ilsley Corporation (NYSE:MI), is now connected to
the SVPCO Image Payments Network. M&I Bank is linked to the
network through the SVPCO Gateway DTA, which enables banks and
credit unions to send and receive bulk files of images through the
SVPCO Image Payments Network. M&I Bank is using SVPCO's File
Transfer Protocol (FTP) option, a low-cost, Internet-based
connection that makes it easy for institutions to participate in
the network and exchange check images. "M&I Bank recognizes the
strategic value of using the SVPCO Image Payments Network to expand
its image exchange strategy and to realize the benefits of reduced
cost and risk," said Russ Soderberg, Vice President of M&I
Bank. "Implementing SVPCO's Gateway DTA is the most recent step
that M&I Bank has taken to further streamline its check
processing operations." The SVPCO Image Payments Network, the
nation's private-sector volume leader in image exchange, exchanged
218.2 million in items in June totaling $390 billion in value. In
addition to M&I Bank, participating institutions include Bank
of America, Bank of Stockton, The Bank of New York, BB&T,
Comerica Bank, Fifth Third Bank, First Citizens Bank, HSBC Bank,
Huntington National Bank, JPMorgan Chase Bank, KeyBank, LaSalle
Bank, M&T Bank, Members United Corporate Federal Credit Union,
National City Bank, PNC Bank, Sterling National Bank, Union Bank of
California, U.S. Bank, Wachovia Bank, and Wells Fargo Bank. Through
its relationship with the Federal Reserve and Endpoint Exchange,
the Image Payments Network can reach more than 10,000 endpoints and
help institutions take advantage of image exchange. "The SVPCO
Image Payments Network provides M&I Bank with a unique
opportunity to realize the long-term advantages of check image
exchange, and we're pleased to welcome M&I Bank to the
network," said Susan Long, Senior Vice President of The Clearing
House, responsible for SVPCO-Electronic Clearing Services. "The
participation of M&I Bank will not only allow the bank to
improve the efficiency of its check processing operations, but also
exchange images with a growing number of institutions connected to
the nation's premier image exchange system -- the SVPCO Image
Payments Network." The Image Payments Network offers financial
institutions a variety of connectivity options. The SVPCO
Distributed Traffic Agent (DTA) enables financial institutions with
larger volumes to transmit check images directly to each other. The
SVPCO Gateway DTA is a cost-effective solution designed for
institutions with smaller volumes or who are interested in
gradually ramping up their image processing capabilities. The Image
Payments Network can also be accessed through an institution's
correspondent banking relationship or through a third-party
processor. How the Image Payments Network Works The Image Payments
Network is a single, end-to-end system that provides for
transmitting check images directly between participants, thus
eliminating the expense of transporting physical checks, and
settling the participants' net positions. The network enables
financial institutions to exchange and settle check images
peer-to-peer without a cumbersome central processing system. All
financial institutions that exchange images directly with each
other via the Image Payments Network utilize the automated
settlement function. Automated settlement provides online net and
bilateral settlement position reporting and eliminates the manual
intervention required with other settlement arrangements. Financial
institutions can see their net debit or credit position online and
view their position with all of the financial institutions
participating in the Image Payments Network at any time. For more
information about the SVPCO Image Payments Network, contact Susan
Goold, Vice President, Products and Services, SVPCO-Electronic
Clearing Services, 201.319.5554, . About M&I Marshall &
Ilsley Corporation (NYSE:MI) is a diversified financial services
corporation headquartered in Milwaukee, Wis., with $58.3 billion in
assets. Founded in 1847, M&I Marshall & Ilsley Bank is the
largest Wisconsin- based bank, with 192 offices throughout the
state. In addition, M&I has 48 locations throughout Arizona; 30
offices along Florida's west coast and in central Florida; 16
offices in Kansas City and nearby communities; 22 offices in
metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; three
offices in Tulsa, Okla.; and one office in Las Vegas, Nev.
M&I's Southwest Bank subsidiary has 17 offices in the greater
St. Louis area. Metavante Corporation, a wholly owned subsidiary,
provides a full array of technology products and services for the
financial services industry. On April 3, 2007, Marshall &
Ilsley Corporation announced its plans to split Metavante
Corporation and Marshall & Ilsley Corporation into independent
publicly traded companies. M&I also provides trust and
investment management, equipment leasing, mortgage banking,
asset-based lending, financial planning, investments, and insurance
services from offices throughout the country and on the Internet
(http://www.mibank.com/ or http://www.micorp.com/). M&I's
customer-based approach, internal growth, and strategic
acquisitions have made M&I a nationally recognized leader in
the financial services industry. About The Clearing House Payments
Company The Clearing House Payments Company L.L.C.
(http://www.theclearinghouse.org/) is a private-sector, global
payment systems infrastructure that clears and settles 40 million
payments for more than $1.6 trillion per day. The Clearing House
serves more than 1,400 U.S. financial institutions and hundreds of
international participants with payment services that span the
entire spectrum of paper, paper-to-electronic and electronic
payments. Services include local and regional check exchange and
settlement services; ACH association and operations; large-value
"wire" payments; and image exchange. Financial institutions of all
sizes benefit from payment systems that meet the highest standards
for reliability, security and service. The Clearing House Payments
Company is owned by the following banks or their U.S. banking
affiliates: Bank of America, The Bank of New York, The Bank of
Tokyo-Mitsubishi UFJ, BB&T, City National Bank, Citibank,
Citizens Bank, Comerica Bank, Deutsche Bank, Fifth Third Bank,
First-Citizens Bank & Trust Company, HSBC Bank, JPMorgan Chase
Bank, KeyBank, LaSalle Bank, M&T Bank, National City Bank, PNC
Bank, UBS, U.S. Bank, Wachovia Bank, and Wells Fargo Bank.
DATASOURCE: The Clearing House CONTACT: Chip Savidge of The
Clearing House, Office: +1-212-613-9896, Mobile: +1-917-576-0957, ;
or Greg Berardi, Office: +1-415-239-7826, Mobile: +1-415-672-2377,
, for The Clearing House Web site: http://www.theclearinghouse.org/
http://www.mibank.com/ http://www.micorp.com/
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