Fort Knox National Bank, a subsidiary of Fort Knox National Company, has joined NACHA - The Electronic Payments Association as its 18th financial institution member.
"The ACH Network is becoming the payment network of choice for companies to collect receivables from consumers," said James R. Fugitte, President and Chief Executive Officer of Fort Knox National Company. "Membership in NACHA ensures that Fort Knox National Bank and Fort Knox National Company remain at the forefront of innovations in the payments system."
"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 37 members consisting of 19 payments associations and 18 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, PNC Bank, U.S. Bank, Wachovia, and Wells Fargo. NACHA's financial institution members originated more than 66 percent of commercial automated clearing house (ACH) transactions during 2002.
Fort Knox National Bank is the eighth fastest growing originating financial institution, according to the NACHA Top 50 list for 2002, processing 17.2 million payments worth over $15 billion for Fort Knox National Company's 700 clients. The list also ranked Fort Knox National Bank as the 23rd largest bank originator in electronic debit activity and 40th in overall origination volume. Fort Knox National Bank is also a member of NACHA's Council for Electronic Billing and Payment, Electronic Check Council, and Internet Council.