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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 ofOperations 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.