Wells Fargo Maintains Status as #1 ACH Originator for the 10th Consecutive Year
May 16 2022 - 10:00AM
Business Wire
Growth of the ACH Network highlights the demand for faster
payments
With the release of Nacha’s Top 50 financial institution ACH
originators for 2021, Wells Fargo was confirmed as the top payment
originator by volume on the Automated Clearing House (ACH) Network
for the tenth consecutive year*. ACH payments are electronic,
bank-to-bank money transfers processed through the ACH Network for
consumers, businesses, and federal, state, and local
governments.
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Wells Fargo Maintains Status as #1 ACH
Originator for the 10th Consecutive Year (Photo: Wells Fargo)
In 2021, Wells Fargo originated over 7.7 billion ACH payments,
which accounts for over 26% of the 29.1 billion payments sent
across the ACH Network, valued at close to $73 trillion. The
overall payment volume on the ACH Network grew 8.8% from 2020*.
“Wells Fargo has led ACH origination for the past decade,” said
Jane Larimer, CEO of Nacha. “They have been instrumental in
supporting the growth of ACH as a premier payment mechanism.”
“The growth in the ACH Network shows the demand from businesses
of all sizes to move towards faster payment methods that help
companies maximize working capital and meet the expectations of
suppliers, partners, and customers for fast, frictionless
payments,” said Paul Camp, head of Global Treasury Management for
Wells Fargo. “Our leadership in ACH is a demonstration of how we
partner with our clients to meet them where they are in their
digital transformations.”
Wells Fargo supports a variety of faster payment methods for
commercial and consumer use, including Same Day ACH, real-time
payments through the RTP® network, Zelle®, Push to Card, and the
FedNowsm instant payment service from the Federal Reserve which
will launch in 2023.
“Wells Fargo invests in technology, operations, and
infrastructure to ensure we meet the needs and desires of the
communities and clients we support. We are proud that so many
businesses and consumers trust us with their money movement,” said
Ulrike Guigui, Wells Fargo’s Head of Payments Strategy.
Wells Fargo offers clients a variety of convenient, safe, and
reliable methods to originate payments over the ACH Network,
including innovative tools like the Wells Fargo Developer Gateway
portal which enables clients to easily integrate API solutions into
their own systems. “We are firmly committed to ACH technology as
part of our faster payments infrastructure and a key driver of
payment transformation for our clients,” said Guigui.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
About Nacha
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.
*Historical data provided by Nacha
News Release Category: WF-PS
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Media Sam Arenson 612-414-7618
sam.arenson@wellsfargo.com
(or)
Kate Licht 703-568-5929 kate.licht@wellsfargo.com
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