Nacha, the bank industry group that oversees the automated clearing house network, has appointed six industry executives to its board.
The bankers will serve three-year terms on the board of Nacha starting immediately, the group said Tuesday.
The directors are Michael Bellacosa, managing director at Bank of New York Mellon; Richard Burke Jr., head of corporate products and services at TD Bank; Kevin Christensen, vice president of audit at Shazam; Michael Fossaceca, managing director at Citibank; Craig Vaream, managing director at JPMorgan Chase; and Uma Wilson, director of product management at UMB Bank.
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The project is likely to be mirrored at banks around the country as the automated clearing house evolves from settling payments in three to five days currently to same-day settlement in September and faster payments beyond that.
January 13 -
The bank owners of the clearXchange payments network and the Early Warning risk management service hope that by combining the two programs, they can remain in control of technologies that will become core to mobile commerce.
October 26 -
The Federal Reserve Board has approved enhancements to its automated clearing house service that will require its banks to process same-day payments.
September 23
Nacha's board includes 19 members from financial institutions of varying sizes and types, all of which use the ACH network.