The Electronic Payments Network announced Tuesday that Wachovia Corporation has switched its ACH volume from the Federal Reserve Bank to EPN’s private sector ACH network for consumer and commercial payments. Wachovia made the switch Friday, October 5, 2001, and now originates and receives all of its ACH work using EPN’s nationwide network. Moving their ACH volume allows Wachovia to take advantage of high-value innovations exclusively available on EPN.
“We have been steadily improving EPN’s functionality for several years, and Wachovia and other recent conversions such as BB&T, First Union, and Mellon are taking advantage of these unique capabilities,” said George Thomas, president of EPN.
EPN is the market leader in private sector ACH and is a part of the New York Clearing House family of financial services.
“To stay competitive, banks have to add valuable new services — especially for commercial customers,” said Janet Boyst, Wachovia group executive. “Switching our ACH volume makes good business sense because we get market leading innovation.”
“EPN offers the only proven, fast and painless migration path to essential Internet functionality that is critical to banks anxious to take full advantage of e-commerce,” said Thomas. “Every day, more and more bank customers are asking for new capabilities like end-to-end straight through processing, and the proven capabilities of EPN is the best way to get there.”
Additional banks expected to transition to EPN over the next year include: Bank of America, Banc One, Comerica Inc., Key Bank, PNC Bank, U.S. Bancorp and Wells Fargo Services Company.
Wachovia Corporation, created through the Sept. 1, 2001, merger of First Union and Wachovia with pro forma assets of $322 billion as of June 30, is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.
Electronic Payments Network is a nationwide ACH (automated clearing house) network for domestic consumer and commercial payments. EPN’s processing membership consists of 230 commercial banks, 106 savings banks, 496 credit unions, and 53 savings and loan associations. Annually, EPN processes an average of more than $2.3 trillion dollars from commercial banks, savings banks, savings and loan associations, and credit unions. The Electronic Payments Network is part of the New York Clearing House’s family of payment systems. For more information, search [http://www.epaynetwork.com] or contact Chip Savidge (NYCH) at 201-319-5478, or at Chip.Savidge@NYCH.
The Clearing House is the nation’s oldest and most innovative bank association and payments processor. Established in 1853 to simplify the exchange of checks and improve the efficiency of the payments system, the Clearing House is still a world leader in the payments business. It operates the Electronic Payments Network (EPN), CHIPS (Clearing House Interbank Payments System), and runs a well-respected association that serves as a forum for its members to promote common interests in the financial services industry. For more information search [http://www.nych.org] or contact Chip Savidge (NYCH) at 201-319-5478, or at Chip.Savidge@NYCH.org .