Nacha announced today USAA Federal Savings Bank (USAA) has joined as a Direct Member. Nacha now has 45 Direct Members, consisting of financial institutions and Payments Associations.
"I am pleased to welcome USAA as a Direct Member and am eager to collaborate with them alongside their fellow Nacha Direct Members to continue growing and innovating the modern ACH Network," said Jane Larimer, President and CEO of Nacha.
Nacha's Direct Members vote on proposed Nacha Operating Rules and contribute ideas and recommendations to keep the modern ACH Network innovative and flourishing. Direct Members can nominate, elect and serve on Nacha's Board of Directors, which provides strategic guidance related to the ACH Network and the governance of Nacha as an industry association. Direct Members also participate in Nacha committees and workgroups and are updated on the latest payments-related matters through regular newsletters and webinars.
“USAA has long been an active proponent for innovation in payments to best serve our members and their families,” said Pypper Namikas, Executive Director, Deposits & Retail Payments at USAA. “We look forward to working closely with Nacha and our peers to continue shaping the future of payments to the benefit of everyone served by a financial institution.”
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 30 billion ACH Network payments made in 2022, valued at close to $77 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking, and investment and retirement solutions to more than 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 37,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
# # #