The Clearing House Payments Co. LLC has hired James D. Aramanda to be its chief executive officer.
He will succeed Jeffrey P. Neubert, who is retiring from the New York payments company.
Mr. Aramanda, an executive at Automatic Data Processing Inc. of Roseland, N.J., will start his new job Sept. 8. Mr. Neubert will step down early next year, after a transition period, The Clearing House said Thursday.
Before joining ADP, Mr. Aramanda spent 18 years at Mellon Financial Corp., becoming a vice chairman and the CEO of processing businesses that operated around the world.
Mr. Neubert has headed The Clearing House — the bank-owned operator of payment systems for checks and check images, wire transfers, and automated clearing house transactions — for 10 years.
He has more than 30 years of banking experience, and his previous employers include such banking companies as Citigroup Inc. and Bank One Corp.
On Mr. Neubert's watch, The Clearing House streamlined its governance processes, consolidated a collection of semi-autonomous clearing organizations into a single corporate structure, and built a comprehensive disaster recovery system after the Sept. 11 attacks. That project was completed only in April.
During his tenure, The Clearing House also has beefed up its ACH business, raising its market share from 5% to 45%, as two other players have exited the field, leaving the Federal Reserve banks as its sole rival.
In June of last year The Clearing House's image exchange volume surpassed its paper check volume, Mr. Neubert said in an interview Wednesday.
"Now our image volume is four times what our paper volume is," he said. "Payments are always changing, often perplexing, but always interesting."
