Wells Fargo is No. 1 Originator of ACH Electronic Payments
Wells Fargo leads all competitors as its transactions rise by double-digit rate
SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC ) is the No. 1 Automated Clearing House (ACH) electronic payment originator among U.S.-based financial institutions, according to NACHA – The Electronic Payments Association. In 2012, Wells Fargo originated 3.5 billion ACH payments– ranging from deposits such as payroll and Social Security to consumer payments for auto loans and insurance premiums. Wells Fargo transmitted 10.7 percent more payments than in 2011; its closest competitor grew by less than half that rate.
“We are very proud to be the largest originator of ACH payment transactions in the country,” said Keith Theisen, executive vice president and director of product management at Wells Fargo’s Treasury Management Group. “As the volume of ACH payments continues to grow, Wells Fargo’s size and scale allows us to innovate and invest in technology and in our team members to ensure first-rate solutions for our customers. In fact, we have more Accredited ACH Professional (AAP) team members than any other financial institution*.”
As reported by NACHA, total ACH payment volume in 2012 grew to more than 21 billion transactions, up 4.19 percent from 2011. A total of $36.9 trillion was transferred over the ACH Network, an increase of 8.76 percent over 2011. The increase in native electronic payments that are non-check conversion applications; expanded use of credit payments by businesses and consumers; and the rise in online payments helped to increase overall ACH volume. Wells Fargo’s share of total transactions represents greater than 16 percent, or nearly one of every six ACH payments in the United States.
About the ACH Network
The ACH Network is a batch processing, store-and-forward system, governed by the NACHA Operating Rules, which provide for the interbank clearing of electronic payments for participating depository financial institutions. ACH transactions are transmitted electronically between financial institutions through data transmission. ACH payments include:
- Direct Deposit of payroll, Social Security and other government benefits, and tax refunds
- Direct Payment of consumer bills such as mortgages, loans, utility bills, and insurance premiums
- Business-to-business payments
- e-Commerce payments
- Federal, state, and local government payments
About Wells Fargo
Wells Fargo & Company (NYSE: WFC ) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
*source: NACHA – The Electronic Payments Association
Wells Fargo & Company
Andrea Mahoney, 415-222-4722
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