NACHA Issues Top 50 Lists for 2007 Originators, Receivers
NACHA has announced its Top 50 lists of the largest originating and receiving financial institutions of automated clearing house (ACH) payments for 2007. Complete listings of NACHA's Top 50 lists are available on the NACHA web site.
“Financial institutions accounted for a 14.3 percent increase in ACH Network payments in 2007,” said Elliott C. McEntee, chief executive officer of NACHA. “Financial institution ACH volume has increased by 88 percent in the last five years. This is the largest five-year increase since 1999.”
The financial institutions in the NACHA Top 50 originating institutions accounted for 95.5 percent of all inter-bank ACH payments in 2007, down from 95.7 percent in 2006. The top five institutions accounted for 56.3 percent of all ACH origination activity; the top 10 accounted for 72.5 percent.
On the receiving side, the financial institutions in NACHA’s Top 50 accounted for 59.8 percent of ACH payments in 2007, up from 59.2 percent in 2006. The top five institutions accounted for 28.5 percent, and the top 10 accounted for 38.3 percent.
In the Top 50 data, NACHA includes all ACH-formatted transactions that financial institutions sent to or received from an ACH Operator—an electronic clearing house among banks—or directly to or from another financial institution. ACH-formatted transactions remaining within a single institution—known as “on-us” payments—are excluded from the Top 50 results.
ACH payments include Direct Deposit of payroll, Social Security benefits and tax refunds, Direct Payment of consumer bills, bill payments by Internet and telephone, check conversion, business-to-business payments, and Federal tax withholdings. In 2007, there were approximately 18 billion ACH payments worth more than $36.6 trillion.
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