JPMorgan Ranked First in ACH Originations for 2007
JPMorgan has announced it has been ranked as the number-one financial institution in total automated clearing house (ACH) network transactions originated for 2007 by NACHA – The Electronic Payments Association. The bank has ranked first in ACH originations for a record 33 years in a row, since the inception of the network. JPMorgan saw its ACH transactions grow to nearly 4 billion in 2007, an increase of nearly 9 percent over the previous year.
“Our continued growth and leadership in ACH payments origination is a direct result of our commitment to quality improvement and customer service,” Craig T. Vaream, managing director, ACH and Global Check Deposit product executive, JPMorgan Treasury Services. “We are constantly challenging ourselves to develop more efficient ways to help our clients streamline their payments processes. Indicative of those efforts, we are proud to have achieved and maintained ISO 9001:2000 certification for the overall quality and timeliness of our operation for the past several years.”
JPMorgan has consistently originated more ACH entries than any other bank. The firm’s fully scalable platform, advanced electronic systems and proprietary software set the industry standard for quality in ACH products and services.
ISO certification applies to all domestic and international ACH transactions processed through JPMorgan’s state-of-the-art facility. The bank has a straight-through processing rate of 99 percent and maintains dual processing capabilities. Additionally, JPMorgan monitors the quality of transactions and customer satisfaction as a regular pattern of doing business. The firm also maintains dedicated remote contingency sites, which provide seamless operations and business continuity in the event of an emergency or disaster.
The ACH system is the engine that is driving the new era of payments. As the ACH network has grown, safety and security have risen in importance.
“The ACH network remains incredibly safe for all users, but the industry must stay vigilant and sustain the highest levels of safety and security to combat future threats to the network,” added Vaream. “JPMorgan has taken a leadership role in maintaining the safety of the ACH network, and championing efforts to mitigate the risk of fraud within the system.”
JPMorgan is at the forefront of technological developments in authentication and encryption procedures that detect and reduce fraud. As the ACH network continues to grow, imaging solutions are fueling that growth. In a further step toward fraud prevention, JPMorgan will introduce an integrated payables solution for ACH later this year.
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