Comerica Completes First Image Exchange
Banking Company Utilizes Leading SVPCO Image Exchange Network
Dec 2, 2005
DETROIT, Dec. 2 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today announced the successful completion of its first image exchange through SVPCO, a leading image exchange network. The announcement was made by Paul R. Obermeyer, executive vice president and director of Operations Services at Comerica.
"The post 'Check 21' era at Comerica has begun in earnest," said Obermeyer. "This is a milestone event for our company, and reaffirms the benefits of our significant investments in imaging technology over the past two decades. As an early adopter of image exchange, we can confidently state that the future of check clearing is now."
The SVPCO Check Image Exchange Network is the nation's premier image exchange network, enabling financial institutions to perform a variety of check image clearing and settlement functions.
The electronification of check payments was made possible by the Check Clearing for the 21st Century Act, commonly known as Check 21.
"We are committed to supporting the evolution of the U.S. payments system and will continue to invest in image capabilities that provide new features, products, and services for our customers," said Obermeyer.
For example, in November Comerica announced the launch of its Comerica Business Deposit Capture service, which enables businesses to scan (capture) images of checks at their own locations and transmit them electronically to Comerica for deposit. Comerica also plans to introduce an image cash letter service, Comerica BankPro, for corporate customers and financial institutions.
Comerica's check image archive is the cornerstone that continues to support the development of new image services. "Since its creation in 1997, the archive has built an active inventory of more than 3 billion images," Obermeyer said. "Beginning with our Livonia, Michigan image processing location and then expanding to our capture sites in California and Texas, we have been providing customers and employees access to check images for eight years."
Expanding at a rate of approximately 1.8 million items per day, Comerica's prime pass check archive provides customers with highly reliable access to critical information -- enabling better business decision-making, reduced fraud, and improved customer service.
Comerica Incorporated is a financial services company headquartered in Detroit, strategically aligned into three major business segments: the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
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SOURCE: Comerica Incorporated
CONTACT: Wayne Mielke of Comerica Incorporated, +1-313-222-4732,