HERNDON, Va. - Two credit unions made NACHA's first-ever list of the top 50 largest receiving financials of ACH payments. Bank of America topped the list with over 507 million payments, followed by Wells Fargo with 330 million. The two credit unions on the list are Navy FCU at number 18 with 43 million payments, and State Employees CU, North Carolina, at number 41 with 14.7 million payments. One key finding of the NACHA survey is that the receipt of ACH payments is much less concentrated than origination. The top five institutions accounted for 22% of ACH volume, compared to 49% on the origination side. Combined, the 50 largest receiving institutions accounted for 47% of ACH volume, compared to 91% on the origination side.
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From the October-29, 2003 issue of Credit Union Times Magazine • Subscribe!
Navy FCU, State Employees CU (N.C.) Make NACHA's Top 50 List
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