Nacha today announced the addition of Synovus as a Direct Financial Institution Member. Nacha’s Direct Members now consist of 32 financial institutions and 11 Payments Associations (PAs) that jointly represent approximately 11,000 financial institutions across the U.S.
“On behalf of Nacha and its Board of Directors, I welcome Synovus to the Nacha family as a Direct Member,” said Jane Larimer, president and CEO of Nacha. “We look forward to working with them to advance the ACH Network and the Nacha Operating Rules, and to explore innovative ways to help shape the future of electronic payments.”
Nacha plays an integral role in the payments industry as Administrator of the ACH Network and nonprofit association supporting the broad payments industry. The organization advances electronic payments, develops rules and standards, and provides education, advocacy, and venues for engagement and dialogue.
“We are pleased to join Nacha and contribute to the advancement of the modern ACH Network,” said Katherine Weislogel, Executive Director, Head of Treasury & Payment Solutions at Synovus. “This is a strategically important time in payments, and we look forward to contributing our voice to important issues facing the industry, while continuing to provide value to our customers.”
As a direct member, Synovus will have a voice in the development and approval of changes to the Nacha Operating Rules. Direct Members also can nominate and elect Nacha’s Board of Directors, and serve in leadership positions on key Nacha groups and committees.
In addition to Synovus, Direct Member financial institutions include American Express National Bank, Bank of America Merrill Lynch, BB&T, BMO Harris Bank, BNY Mellon, Cadence Bank, Capital One, Citibank N.A., Citizens Financial Group, Commerce Bank, Deutsche Bank, Discover Financial Services Inc., Fifth Third Bank, First PREMIER Bank, Huntington National Bank, J.P. Morgan, KeyBank, M&T Bank, Merrick Bank Corporation, MetaBank, MUFG Union Bank N.A., Navy Federal Credit Union, PNC Bank, Regions Financial Corporation, Silicon Valley Bank, SunTrust Bank, TCF National Bank, TD Bank N.A., UMB Bank N.A., U.S. Bank and Wells Fargo.
Any federally insured depository financial institution that is a member of a Payments Association can join as a Direct Member. More information on becoming a Direct Member can be found on Nacha’s website at http://bit.ly/NachaDirectMember.
Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha’s efforts benefit all stakeholders. Nacha is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2018, there were 27 billion ACH payments, and more than $51 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $47 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 297 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's “Most Reputable Banks” by American Banker and the Reputation Institute. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.