Eastern Bank, mutually owned bank in New England, goes live with the 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. The bank is using SVPCO’s File Transfer Protocol (FTP) option, a secure, low-cost, Internet-based connection that makes it easy for institutions to link to the SVPCO Image Payments Network and exchange check images.
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 SVPCO Image Payments Network will enable Eastern Bank to achieve its strategic objective of migrating check processing operations from paper to electronic payments,” says Bob Murray, senior vice president, Eastern Bank. “With paper check prices continuing to rise, the SVPCO Image Payments Network represents a terrific opportunity to minimize costs and streamline our operations.”
L.D.