HERNDON, Va., May 31, 2022 /PRNewswire/ -- Nacha announced today the addition of Evolve Bank & Trust as a Nacha Direct Financial Institution Member.
Nacha now has 44 Direct Members, consisting of financial institutions and Payments Associations (PAs) that represent almost all financial institutions across the United States.
"On behalf of Nacha and its Board of Directors, we welcome Evolve Bank & Trust as a Direct Member and look forward to partnering with them to advance and grow the modern ACH Network," said Jane Larimer, President and CEO of Nacha. "Evolve Bank & Trust joins other Direct Members to shape and influence the governance and direction of the ACH Network and the Nacha Operating Rules."
Nacha's Direct Members vote directly on Nacha Operating Rules ballots, participate in the Nacha rulemaking process and have the ability to nominate, elect and serve on Nacha's Board of Directors to help provide vision and leadership for the ACH Network and the organization's future. In addition, Direct Members receive exclusive updates on potential and upcoming Nacha Rules, and the latest information and strategy pertaining to the ACH Network.
"Nacha plays an important role in the payments industry as a unifier of a multitude of users. From financial institutions, non-financial institutions, business and consumers, the ACH Network is relied upon by many on a daily basis," said Hank Word, President of the Open Banking division at Evolve Bank & Trust. "By Evolve joining as a Nacha Direct Member, we're proud to show our dedication and support for the ACH Network for the long term."
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. More than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
About Evolve Bank & Trust
Evolve Bank & Trust, a technology focused financial services organization and Banking-as-a-Service ("BaaS") provider, is a best-in-class financial institution offering specialized services in Open Banking, Personal and Business Banking, Mortgage, SBA Lending, Physicians Capital, Community Funding and Trust. Evolve has been voted a Top Workplace USA and has been named in Inc. Magazine's 5000 List of the fastest-growing private companies.
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