Fifth Third Bank has joined NACHA – The Electronic Payments Association as a
direct financial institution member, becoming the third new NACHA member in
2007. According to the most recent NACHA Top 50 list, Fifth Third is the
nation’s 18th largest originating financial institution and the 14th largest
receiving financial institution of ACH payments.
"Becoming a direct member of NACHA was the next logical step as part of our
commitment to help clients take full advantage of the evolution of paper to
electronic payments and the expansion of ACH," said Patrick Moore, senior vice
president and director of Treasury Product Management for Fifth Third Bank.
"Fifth Third Bank is proud to be among the top 20 financial institutions in the
nation when it comes to electronic payments processing, and we view our
membership with NACHA as an important opportunity to participate in the vital
payment initiatives they currently have under way."
"ACH products continue to be adopted in the marketplace, so membership in
NACHA becomes more important for banks that want to be leaders in the payments
business," said Elliott C. McEntee, President and Chief Executive Officer of
NACHA. "Membership in NACHA provides important benefits to financial
institutions, including the ability to vote directly on the NACHA Operating
Rules. On behalf of all the members, we welcome Fifth Third to NACHA."
NACHA now has 43 direct members, consisting of 24 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 Financial Group, 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, Washington Mutual, Wells Fargo, and Zions Bancorporation.
NACHA’s 19 payment association members collectively represent more than 11,000
depository financial institutions.