Nacha announced today the addition of North American Banking Company as a Nacha Direct Financial Institution Member.
Nacha now has more than 40 Direct Members, consisting of financial institutions and Payments Associations (PAs) that collectively represent nearly all financial institutions across the U.S.
“On behalf of Nacha and its Board of Directors, we welcome North American Banking Company and look forward to working with them as a Direct Member,” said Jane Larimer, President and CEO of Nacha. “North American Banking Company joins an elite group that shapes and influences the governance and direction of the modern ACH Network and the Nacha Operating Rules.”
Through cross-industry cooperation, innovation and collaboration, Nacha’s Direct Members are committed to shaping the future of the ACH Network – one of the largest, safest, and most reliable payment systems in the world. They are also active participants in Nacha’s efforts to educate and advocate for the ACH Network with regulators, legislators, and other stakeholder organizations whose policies affect the payments system. These efforts help increase understanding of the role financial institutions play in the payments system and help them serve their customers more effectively.
“We are excited to become Nacha’s newest Direct Member,” said Michael Bilski, Chairman and CEO, North American Banking Company. “North American Banking Company looks forward to working with others focused on the future of the ACH Network and to enhance the ACH Network’s offerings to meet the evolving needs of the payments industry.”
In addition to North American Banking Company, Direct Member financial institutions are American Express National Bank, Bank of America Merrill Lynch, Barclays Bank Delaware, 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 Chase & Co., Key Bank, M&T Bank, Merrick Bank Corporation, MetaBank N.A., MUFG Union Bank, Navy Federal Credit Union, PNC Bank, Regions Bank, Silicon Valley Bank, Synovus Financial Corporation, TCF National Bank, TD Bank, N.A. Truist, UMB Bank N.A., U.S. Bank, and Wells Fargo.
North American Banking Company
North American Banking Company (www.nabankco.com) is a locally owned and operated community bank with over $900 million in assets and five locations in the Twin Cities, Minnesota. North American Banking Company was the 27th largest ACH ODFI in the US by transaction volume, but remains true to its community bank roots by providing customized solutions and personalized service to Third Party Senders and Independent Sales Organizations for both ACH and Card processing and Money Services Businesses throughout the US. It is a Member FDIC and Equal Housing Lender.
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. Nearly 27 billion ACH Network payments were made in 2020, valued at close to $62 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.