NACHA Adds Commerce Bank as a Direct Financial Institution Member
HERNDON, Va. (PRWEB) January 25, 2017 -- NACHA—The Electronic Payments Association® announced today the addition of Commerce Bank as a Direct Financial Institution Member. NACHA now has 41 direct members, consisting of 30 financial institutions and 11 Regional Payments Associations 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 Commerce Bank as a NACHA direct member,” said Janet O. Estep, president and CEO of NACHA. “The ACH Network and those who rely upon it will benefit from the leadership and vision that Commerce Bank brings to shape the future of ACH payments and the NACHA Operating Rules.”
Missouri-based Commerce Bank provides financial solutions to individuals and business in Missouri, Kansas, Illinois, Oklahoma and Colorado, has commercial offices in Cincinnati, Nashville, Dallas, Grand Rapids, Indianapolis and Des Moines, and has a nationwide presence in the commercial payments industry.
As a direct member, Commerce 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, serve in leadership positions on key NACHA groups and committees, and discounts on NACHA educational programs and publications.
“We are pleased to join NACHA and contribute through a direct voice to advancing the ACH Network and the value it provides our customers,” said Susan Doyle, Senior Vice President of Commerce Bank. “We also look forward to working with other payments industry leaders, businesses, and solution providers on the important issues facing our industry.”
In addition to Commerce 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., 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., State Bank & Trust Company, Silicon Valley Bank, SunTrust, TCF National Bank, TD Bank, N.A., The Bancorp Bank, UMB Bank, U.S. 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.
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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.
About Commerce Bank
Commerce Bank, is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $25.6 billion regional bank holding company, as of December 31, 2016. For more than 150 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a full range of financial products to consumer and commercial customers, including personal banking, lending, mortgage banking, wealth management, brokerage and capital markets services. Commerce operates in more than 340 locations in the central United States and has a nationwide presence in the commercial payments industry. Commerce Bancshares also has operating subsidiaries involved in leasing, credit-related insurance and private equity activities.
For additional information, please visit http://www.commercebank.com.
Kendra Beasley, NACHA - The Electronic Payments Association, +1 (703) 561-3923, [email protected]
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