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PNC Bank, National Association, a member of The PNC Financial Services Group, Inc., has joined NACHA - The Electronic Payments Association as a financial institution member. Since January 2001, when a reorganization re-opened membership, the number of NACHA's direct financial institution members has more than doubled from eight to 17.
"Membership in NACHA provides PNC the opportunity to influence the development of the electronic payments system and to represent our customers' interests at the national level," said James Graham, executive vice president and division executive of the Treasury Management division of PNC Bank, the ninth largest cash management provider in the nation. "NACHA membership also enables PNC to provide additional value to our customers through expertise, advocacy, and enhanced payments solutions."
"As electronic payments overtake checks, and as new automated clearing house products are adopted in the marketplace, 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.
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. NACHA's 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.