Bank Membership in NACHA Has Doubled

Wednesday 21 January 2004 14:30 CET | News

PNC Bank, National Association, a member of The PNC Financial Services Group, has joined NACHA - The Electronic Payments Association as a financial institution member.

Since January 2001, when a reorganization re-opened membership, the number of NACHAs direct financial institution members has more than doubled from eight to 17. NACHA now has 36 direct members consisting of 19 payments associations and 17 financial institutions. The other financial institution members of NACHA are ABN AMRO, American Express Centurion Bank, Bank of America, Bank One, BB&T Corporation, Capital One, Citibank, Commerce Bank, Discover Bank, FleetBoston Financial, J.P. Morgan Chase, Mellon, National City, U.S. Bank, Wachovia, and Wells Fargo. PNC is the 12th largest bank originator of ACH payments, according to the NACHA Top 50 list for 2002. NACHAs financial institution members originated more than 66 percent of commercial automated clearing house (ACH) transactions during 2002. Twelve of the 16 largest originators of ACH payments are now members of NACHA, and 12 of the 18 largest bank holding companies, including seven of the top eight, are members.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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