BMO Capital Markets Joins NACHA
BMO Capital Markets has joined NACHA - The Electronic Payments Association - as a direct financial institution member. NACHA now has 40 direct members, consisting of 21 financial institutions and 19 regional payment associations. The other financial institution members include ABN-AMRO, American Express Centurion Bank, Bank of America, BB&T, Capital One, Citigroup, Citizens Bank, Commerce Bank, Discover Bank, Fort Knox National Bank, JPMorgan Chase, KeyBank, Mellon, National City, PNC Bank, TCF National Bank, US Bank, Wachovia, Wells Fargo, and Zions Bank. The 19 regional payments associations collectively represent more than 11,000 financial institutions.
"There is dramatic and accelerating change occurring in the payments industry today, change that impacts our clients, the advice we offer them and the services we provide," said Marnie Kinsley, Executive Managing Director, Global Head of Cash Management Services, BMO Capital Markets. "Membership in NACHA provides BMO Capital Markets with the opportunity to directly participate in shaping the future of the ACH Network and the payments system.""Membership in NACHA is important for financial institutions that want to be leaders in the payments business," said Elliott C. McEntee, President and Chief Executive Officer of NACHA. "Corporate customers expect their banks to be involved and have access to the latest information and the most recent developments. On behalf of all the members, we welcome BMO Capital Markets to NACHA."
Companies are increasingly using ACH and other electronic payments products to make and receive payments. NACHA figures show that through the 2nd quarter 2006, the number of business-to-business payments across the ACH Network exceeded 843 million, an increase of 15.9 percent over 2005.
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