Navy Federal Credit Union has joined Nacha, becoming the 25th direct financial institution member of the electronic payments association, the group has announced.
The Herndon, Va., association's 44 direct members, comprising the 25 financial institutions and 19 regional payment associations, oversee and set the rules for the nation's automated clearing house network, which cleared more than 18 billion transactions in 2007.
Dave Willis, the vice president of debit card and funds services at Navy Federal, said in Nacha's Monday press release, "We believe it is our responsibility to work at the highest levels to ensure the ACH network continues to provide high payment efficiencies and low risk to all stakeholders."
Navy Federal, of Merrifield, Va., has $35.3 billion of assets and more than 3 million members, making it the world's largest credit union.
