Commerce Bank Joins NACHA
NACHA, the US Electronic Payments Association said Commerce Bank of Cherry Hill, New Jersey has become its financial institution member. Commerce Bank is also joining NACHA’s Electronic Check Council and Internet Council. NACHA now has 35 members consisting of 21 payments associations and 14 financial institutions. It’s members originated more than 61 percent of commercial automated clearing house (ACH) transactions during 2001. NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), financial electronic data interchange (EDI), international payments, electronic checks, and electronic benefits transfer (EBT).