Nacha, the organization that governs the Automated Clearing House (ACH) Network, has announced the addition of North American Banking Company as its newest Direct Financial Institution Member. This announcement highlights North American Banking Company’s growing influence in the financial sector and its commitment to the advancement of the ACH Network.
With this addition, Nacha’s Direct Membership expands to over 40 institutions, encompassing a significant portion of the financial landscape in the United States. These Direct Members, including financial institutions and Payments Associations, collectively represent almost all financial institutions across the nation, emphasizing Nacha’s wide-reaching impact and collaborative approach to payment system governance.
Jane Larimer, President and CEO of Nacha, expressed her enthusiasm about the new membership. “On behalf of Nacha and our Board of Directors, we extend a warm welcome to North American Banking Company,” she stated. “We eagerly anticipate collaborating with them as a Direct Member. North American Banking Company joins a distinguished group that actively shapes the governance and strategic direction of both the modern ACH Network and the Nacha Operating Rules.” This membership underscores the pivotal role Direct Members play in guiding the evolution and operational framework of the ACH Network.
Direct Members of Nacha are instrumental in driving the future of the ACH Network through cross-industry cooperation, innovation, and collaborative initiatives. As key stakeholders, they are dedicated to enhancing the ACH Network, recognized as one of the world’s largest, safest, and most dependable payment systems. Furthermore, these members actively participate in Nacha’s advocacy and educational efforts aimed at regulators, legislators, and other influential organizations. These endeavors are crucial for fostering a deeper understanding of the vital role financial institutions play within the payment ecosystem and for improving their ability to effectively serve their clientele.
Michael Bilski, Chairman and CEO of North American Banking Company, also commented on the new partnership. “North American Banking Company is thrilled to join Nacha as its latest Direct Member,” he said. “We are eager to collaborate with other forward-thinking entities focused on the future trajectory of the ACH Network and to contribute to enhancing the Network’s offerings to meet the ever-changing demands of the payments industry.” This statement reflects North American Banking Company’s proactive approach and commitment to contributing to the innovation and growth of the ACH Network.
North American Banking Company joins a prestigious list of Direct Member financial institutions, including industry leaders such as American Express National Bank, Bank of America Merrill Lynch, Citibank N.A., J.P. Morgan Chase & Co., Wells Fargo, and many others. This diverse group of members signifies the broad industry support and collaborative spirit within Nacha.
About North American Banking Company
North American Banking Company, operating from Minnesota’s Twin Cities, is a community-focused bank with assets exceeding $900 million. Despite its significant transaction volume as the 27th largest ACH ODFI in the U.S., North American Banking Company maintains its commitment to community banking values. It is known for delivering tailored solutions and personalized service to Third Party Senders, Independent Sales Organizations, and Money Services Businesses across the United States, particularly in ACH and Card processing. As a Member FDIC and Equal Housing Lender, North American Banking Company operates with a foundation of trust and regulatory compliance.
About Nacha
Nacha is the governing body of the ACH Network, a vital payment system facilitating secure, efficient, and rapid Direct Deposits and Direct Payments to every U.S. bank and credit union account. In 2020 alone, the ACH Network processed nearly 27 billion payments, totaling approximately $62 trillion. Nacha plays a crucial role in fostering innovation and interoperability within the payment system through collaborative problem-solving and consensus-building among various stakeholders in the payments industry. The organization is responsible for developing rules and standards, offering industry-wide solutions, and providing essential education, accreditation, and advisory services to its members and the broader financial community.
