Posted April, 7 2009ORLANDO, Fla. – April 7, 2009 – NACHA – The Electronic Payments Association awarded its 2009 Kevin O’Brien ACH Quality Award to Wells Fargo & Company (NYSE: WFC) for its leadership and contributions to advancing ACH Network quality. Laura Lee Orcutt, Wells Fargo senior vice president and electronic payments group product manager, will accept the award today on behalf of Wells Fargo during NACHA’s PAYMENTS 2009 conference in Orlando, Fla.
Wells Fargo received the award for the development of the Perfect NOC® service that allows the company to automatically manage Notification of Change (NOC) for its customers. A NOC is sent by a receiving financial institution to an originating financial institution to notify it that previously valid account information contained in an ACH transaction is no longer valid and needs to be corrected. Over 90 percent of ACH rules violations reported to NACHA in 2008 involved the failure of originating financial institutions to act on NOCs.
“Since launching the Perfect NOC® service in 2008, Wells Fargo customers using the service have received no rules violations due to non-response to NOCs,” said Orcutt. “One customer that initiates a million payroll transactions by Direct Deposit each month was receiving an average of 1,000 NOCs, mainly due to account number changes stemming from financial institution mergers and acquisitions. After enrolling in the service, the number of NOCs dropped to near zero. With no repair needed at the receiving financial institution, funds are applied to consumers’ accounts without delay.”
“’Wells Fargo’s vision and innovation to proactively ensure that its customers comply with Notifications of Change (NOCs) benefits all participants by increasing ACH Network straight-through-processing,” said Janet O. Estep, president and CEO of NACHA. “Accurate transaction data is imperative for receiving financial institutions to minimize negative customer impact and exception processing costs. NACHA is pleased to present Wells Fargo with this year’s Kevin O’Brien ACH Quality Award.”
The Kevin O’Brien ACH Quality Award is presented annually to recognize best practices in ACH participants’ efforts to maintain and improve the quality of ACH services and/or the integrity and reliability of the ACH Network. The award is named in honor of the late Kevin O’Brien, who served as NACHA’s Chairperson from 1999 to 2000.