We look forward to working with MUFG Union Bank as a direct member on behalf of the ACH Network and those who rely upon it, and further exploring innovative solutions and advancements for ACH payments and the NACHA Operating Rules.
HERNDON, Va. (PRWEB) January 31, 2017
NACHA—The Electronic Payments Association® announced today the addition of MUFG Union Bank N.A. as a Direct Financial Institution Member. NACHA now has 42 direct members, consisting of 31 financial institutions and 11 Regional Payments Associations (RPAs) that jointly represent nearly 11,000 financial institutions.
NACHA facilitates the evolution and use of electronic payments by providing rules and standards leadership for ACH, EBT payments, healthcare EFT, and other industry needs via its education, advocacy, inclusive engagement and dialogue. Through its collaborative self-governing model, NACHA manages the development, administration and rules for the ACH Network – one of the largest, safest, and most reliable payment systems in the world. Annually, financial institutions exchange 24 billion ACH payments valued at $41 trillion, including direct account-to-account consumer, business, and government payments such as Direct Deposit via ACH, Direct Payment via ACH, Same Day ACH transactions, and others.
In addition to Direct Financial Institution members and RPAs, NACHA engages stakeholders -- corporate end users, solution providers, and banks and credit unions of all sizes, among others -- from throughout the payments ecosystem for broad input and dialogue through various membership programs including the Payments Innovation Alliance and the Affiliate Program.
“On behalf of NACHA and its Board of Directors, I welcome MUFG Union Bank,” said Janet O. Estep, president and CEO of NACHA. “We look forward to working with them as a direct member on behalf of the ACH Network and those who rely upon it, and further exploring innovative solutions and advancements for ACH payments and the NACHA Operating Rules.”
As a direct member, MUFG Union Bank participates in the development and approval of the NACHA Operating Rules with a voice in industry self-governance. Direct membership benefits also include the ability to nominate, elect, and serve on NACHA’s Board of Directors, and serve in leadership positions on key NACHA groups and committees.
“We are pleased to join NACHA as a direct member,” said Ranjana Clark, head of Transaction Banking Americas, MUFG Union Bank. “We look forward to serving as an active participant and engaging with NACHA members, businesses, and colleagues to shape the future of the ACH Network to meet the evolving needs of the electronic payments industry.”
In addition to MUFG Union Bank, member financial institutions include American Express Centurion Bank, Bank of America Merrill Lynch, BB&T, BMO Harris Bank, BNY Mellon, Capital One, Citibank N.A., Commerce Bank, Discover Financial Services, Inc., Fifth Third Bank, First PREMIER Bank, Huntington National Bank, J.P. Morgan, KeyBank, M&T, Merrick Bank Corporation, MetaBank, Navy Federal Credit Union, PNC Bank, Citizens Bank, Regions Financial Corp., Silicon Valley Bank, State Bank & Trust Company, SunTrust, TCF National Bank, TD Bank, N.A., The Bancorp Bank, U.S. Bank, UMB Bank and Wells Fargo.
Any federally insured depository financial institution that is a member of a NACHA Regional Payments Association can join as a direct member. More information on Direct Financial Institution Membership is available on NACHA’s website at https://www.nacha.org/members/direct-financial-institution.
NACHA—The Electronic Payments Association
Since 1974, NACHA–The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S by moving money and information directly from one bank account to another. Financial institutions exchange 24 billion ACH payments valued at $41 trillion annually. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.
MUFG Union Bank N.A.
MUFG Union Bank, N.A., is a full-service bank with offices across the United States. We provide a wide spectrum of corporate, commercial and retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $116.9 billion, as of September 30, 2016, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world’s largest financial organizations with total assets of approximately ¥293.7 trillion (JPY) or $2.9 trillion (USD)¹, as of September 30, 2016. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
1 Exchange rate of 1 USD=¥101.12 (JPY) as of September 30, 2016