SVPCO Online Adjustments To Accommodate New Adjustment Types Created By Check 21

SVPCO Online Adjustments To Accommodate New Adjustment Types Created By Check 21

The First Online Platform That Can Handle Expedited Recredits, Breach of Warranty/Indemnity

NEW YORK, Dec. 2 /PRNewswire/ -- SVPCO-Check Services, the national check processing business of The Clearing House Payments Company, today announced that its online adjustments platform can now accommodate Expedited Recredits and Breach of Warranty/Indemnity, two new adjustments mandated by Check 21.

Expedited Recredits help consumers quickly resolve payments errors caused by a check conversion, while Breach of Warranty/Indemnity helps banks resolve payments errors caused by the electronic conversion from paper to substitute check. All institutions are required to handle Expedited Recredits and Breach of Warranty/Indemnity.

SVPCO Online Adjustments(SM) is a powerful, secure, web-based adjustments system for banks, thrifts and credit unions that can electronically facilitate both types of adjustments, which result from errors in converting paper checks into substitute checks. SVPCO Online Adjustments is the nation's only adjustments platform that can handle both types of new adjustments, as well as existing types of adjustments executed by financial institutions of all sizes each day. Adjustments are among the industry's most expensive transactions and have traditionally involved offline, manual intervention that is labor- intensive and time-consuming.

"Expedited Recredits and Breach of Warranty/Indemnity are two of the more than 15 types of adjustments that can be handled more cost effectively through a highly efficient platform such as SVPCO Online Adjustments," said Jerry Milano, Senior Vice President, SVPCO-Check Services. "Our unique ability to handle emerging and existing kinds of adjustments online will reduce costs and enable financial institutions to reap the anticipated cost-savings as technology continues to streamline the nation's payments system."

Substitute checks are expected to increase significantly over the next decade as more financial institutions create and process substitute checks following the enactment of Check 21, which makes substitute checks the legal equivalent of the original paper item.

SVPCO is offering online adjustments for Expedited Recredits and Breach of Warranty/Indemnity to all of its customers in the Eastern, Midwestern and Western Regions. For more information about SVPCO Online Adjustments, please contact Joe Wicklander (312) 913-2575, joe.wicklander@theclearinghouse.org.

About The Clearing House Payments Company

The Clearing House Payments Company (http://www.theclearinghouse.org/) is a private-sector, global payment systems infrastructure that clears and settles more than $1.5 trillion per day. The Clearing House serves more than 1,600 U.S. financial institutions and hundreds of international participants and manages 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; electronic check presentment; and an image exchange. Financial institutions of all sizes benefit from this unique blend of 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: ABN AMRO Bank, Bank of America, The Bank of New York, Bank of Tokyo-Mitsubishi/Union Bank of California, BB&T, Citibank, Citizens Bank, Comerica Bank, Deutsche Bank, HSBC Bank, JPMorgan Chase Bank, KeyBank, M&T Bank, National City Bank, PNC Bank, SunTrust Bank, U.S. Bank, Wachovia Bank, and Wells Fargo Bank.

For more information on The Clearing House, contact Chip Savidge, (212) 613-9896, chip.savidge@theclearinghouse.org.


Source: The Clearing House Payments Company

CONTACT: Chip Savidge of The Clearing House, +1-212-613-9896, or cell,
+1-917-576-0957, or chip.savidge@theclearinghouse.org

Web site: http://www.theclearinghouse.org/


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