Washington Mutual (WaMu) has joined NACHA — The Electronic Payments Association as a direct financial institution member. According to the most recent NACHA Top 50 list, WaMu is the nation’s fifth largest receiving financial institution of ACH payments.
“Membership in NACHA provides WaMu with an opportunity to help shape the future direction of the ACH Network and the payments system,” says Nandita Bakhshi, Payments Division Executive of WaMu. “As electronic payments continue to trend upward, we are eager to participate in the many initiatives underway at NACHA.”
“Significant changes in the payments industry continually present financial institutions with new opportunities and challenges,” said Elliott C. McEntee, President and Chief Executive Officer of NACHA. “As the ACH Network continues to grow in importance to financial institutions and their customers, membership in NACHA gives financial institutions the information and tools they need to succeed in today’s highly competitive environment. On behalf of all the members, we welcome WaMu to NACHA.”
NACHA now has 42 direct members, consisting of 23 financial institutions and 19 regional payment associations. The other financial institution members are ABN-AMRO, American Express Centurion Bank, Bank of America, BB&T, Capital One, Citigroup, Citizens Bank, Commerce Bank, Discover Bank, Fort Knox National Bank, Harris, N.A. (BMO Capital Markets), JPMorgan Chase, KeyBank, Mellon, National City, PNC Bank, Synovus Financial Corp., TCF National Bank, US Bank, Wachovia, Wells Fargo, and Zions Bancorporation.
About the ACH Network and NACHA — The Electronic Payments Association The Automated Clearing House (ACH) Network facilitates commerce, electronically, by serving as an efficient, reliable and secure payments system. NACHA, led by member depository financial institutions and payments associations, fulfills this purpose by managing the development, administration, and governance of the ACH Network, and by providing superior services and value to its members as the industry association responsible for ACH payments. NACHA represents more than 11,000 financial institutions through direct memberships and a network of regional payments associations, and 650 organizations through its industry councils. Visit NACHA on the Internet at http://www.nacha.org.
About WaMu
WaMu, through its subsidiaries, is one of the nation’s leading consumer and small business banks. At December 31, 2006, WaMu and its subsidiaries had assets of $346.29 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate more than 2,600 consumer and small business banking stores throughout the nation. WaMu’s press releases are available at http://newsroom.wamu.com.
