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NEWS RELEASE
ACH Industry Forms
Coalition to Educate Consumers on Environmental
Benefits of Electronic Bills, Statements, and
Payments
2008 Campaign
Will Ask Consumers to Choose Electronic Solutions
Herndon,
Virginia, September 18, 2007 - NACHA –The
Electronic Payments Association, announced today the
formation of a "green coalition," comprised of
leaders in the financial and consumer billing
industries. The coalition has been formed to educate
consumers about the positive environmental impacts
of choosing electronic bills, statements, and
payments over paper.
The leadership
partners include Bank of America, CheckFree, Citi,
Citizens Bank, EPN, the Federal Reserve Banks,
Fiserv, JPMorgan Chase, Wachovia, Wells Fargo, and
U.S. Bank.
"The financial
industry has always encouraged consumers to receive
payments and pay bills electronically because
electronic payments are secure, can simplify
management of household finances, and provides a
layer of privacy that reduces risk of fraud and
identity theft," said Craig Vaream, vice president,
JPMorgan Chase and co-chair of the coalition.
"Recent studies find that the consumer use of the
online channel for banking and bill payment along
with electronic invoicing can have a positive impact
on the environment, saving trees, fuel and water."
A 2007 survey by
Javelin Strategy and Research revealed that if all
U.S. households received and paid their bills
electronically, the country would:
-
Save 16.5
million trees each year, or the amount of lumber
needed for 216,054 typical single-family homes;
-
Reduce toxic
air pollutants by 3.9 billion tons of carbon
dioxide equivalents, akin to taking 355,015 cars
off the road;
-
Reduce by 1.6
billion pounds the solid waste generated in a
year, equal to 56,000 fully loaded garbage
trucks.
"Although consumer
use of electronic bills, statements, and payments is
growing, many consumers do not realize the full
impact their household could make by simply asking
to turn off paper bills and statements once they
have adopted online banking," said Stuart Williams,
manager payment services, CheckFree, and co-chair of
the coalition. "This strategic industry initiative
will educate consumers about the real positives for
their households and for the environment that
choosing electronic solutions over paper will have.
We expect the campaign will result in higher
consumer acceptance of electronic banking and bill
payments, and a positive cumulative impact as an
industry."
The coalition will
develop tools and resources that educate and inform
consumers about the environmental benefits of
choosing electronic options over paper when managing
household finances. This initiative is designed to
complement the efforts of organizations currently
educating their respective audiences about the
environmental benefits of electronic bills,
statements, and payments, and provide other
organizations with information that will help them
plan and implement their own campaigns.
"Consumers want to
take individual action that can collectively lead to
real impact on the environment," said Vaream.
"Through this initiative we want consumers to
recognize that choosing electronic bills,
statements, and payments provides the additional
benefit of eliminating the unnecessary waste of
natural resources that are generated by paper-based
services."
Recognizing the
role that the financial services industry can play
in contributing to a future that is less reliant on
diminishing natural resources through commitments to
broad "green" initiatives and opportunities the
NACHA Board has also formed an Environmental
Impact Steering Committee, chaired by Len
Heckwolf, innovation & development executive, Bank
of America and immediate past chairman of the NACHA
Board of Directors.
"The Environmental Impact Steering Committee
will work in the long-term strategic space that our
industry – and any industry – needs to focus on if
we are going to affect changes that have
long-lasting impact on environmental issues and
challenges." Heckwolf said. "I'm pleased at the
caliber of organizations that have committed to the
coalition work and look forward to the opportunity
to craft long-term, broad brush strategies that the
financial services community can use in unique and
collective efforts that change the environmental
impact of our industry and also help our business
and consumer customers make sound choices."
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 11,200
financial institutions through direct memberships
and a network of regional payments associations, and
475 organizations through its industry councils. For
additional information and resources on electronic
payments, visit
www.nacha.org and
www.electronicpayments.org.
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