Posted April, 12 2005SAN ANTONIO, TX – NACHA presented its 2005 Kevin O'Brien ACH Quality Awards to CheckFree Corp. and National City Corp. The awards recognize best practices in maintaining the quality of ACH services and the reliability of the ACH network.
NACHA recognized CheckFree as a third-party service provider for achieving a 0.01% administrative return rate on ARC payments it processes; the industry average is 0.14%. NACHA recognized National City as a financial institution receiver of ACH payments for the complete integration of the company's paper-based checking account and electronic payment systems.
“Quality is a critical component of any payment product or process, and this year’s NACHA Quality Awards are excellent examples of improvements that help make check conversion the highest quality product possible,” said Elliott C. McEntee, President and CEO of NACHA. “Congratulations to both recipients for winning one of this year’s NACHA Quality Awards.”
The Kevin O’Brien ACH Quality Award is presented annually to one or more organizations to recognize best practices in ACH participants’ efforts to maintain and improve the quality of ACH services and the integrity and reliability of the ACH Network. The award is named for the late Kevin O’Brien, NACHA’s Chairman in 1999-2000.
The ACH Network is a national electronic payments system used by the nation’s 20,000 financial institutions and an estimated 4.8 million businesses and 145 million Americans. ACH payments include Direct Deposit of payroll, Social Security benefits and tax refunds, Direct Payment of consumer bills, e- checks, business-to-business payments, and Federal tax payments. In 2004 there were more than 12 billion ACH payments made, worth $28.7 trillion.