FleetBoston Financial Joins NACHA

Apr 23, 2001, 01:00 ET from National Automated Clearing House Association

    HERNDON, Va., April 23 /PRNewswire Interactive News Release/ --
 FleetBoston Financial, headquartered in Boston, Massachusetts, has become a
 member of NACHA -- The Electronic Payments Association.  The announcement was
 made today at NACHA's PAYMENTS 2001 conference.  Fleet is the second financial
 institution to join NACHA since NACHA's membership was reopened this year to
 financial institutions.
     "Fleet is one of the largest originators of ACH payments, and we will look
 to them to contribute to the many strategic initiatives underway at NACHA,"
 said Janet C. Boyst, Chair of NACHA's Board of Directors and Senior Vice
 President and Group Executive at Wachovia Bank.  "On behalf of everyone at
 NACHA, we are pleased to welcome Fleet as a member."
     "Fleet joined NACHA because of the opportunity to influence the
 development of the electronic payments system at the national level," said
 Skip Heaps, Director of Cash Management of Fleet.  "Membership in NACHA
 enhances our reputation as an innovator in providing our customers with
 electronic payment products and services.  We look forward to working with
 NACHA on many of the exciting projects that are underway."
     Membership in NACHA provides important benefits to financial institutions:
 
     *  Influence and Control -- Financial institution members cast votes
        directly on the ACH Operating Rules and other electronic payment
        standards and rules governing the banking industry nationwide.
        Financial institution members are eligible to serve on NACHA's Board of
        Directors.
 
     *  Innovation and Opportunity -- NACHA is at the forefront of developing
        new electronic payment services and products, as well as risk
        management and quality control initiatives that have a direct impact on
        a financial institution's service offerings and bottom line.
        Membership in NACHA opens doors to other decision-makers at financial
        institutions, corporations, service providers, government agencies and
        other e-commerce-related organizations.
 
     *  Visibility in a Thriving Industry -- Financial institution members of
        NACHA are an elite group in a dynamic industry.  Annual ACH volume has
        increased by 580 percent over the past 10 years, and ACH payments are
        the fastest growing source of revenues among all corporate payment
        services.  More than 3 million companies in the United States use ACH
        services today.
 
     Direct membership in NACHA for financial institutions became available
 this year after NACHA completed a reorganization in 2000.  The reorganization
 was undertaken to streamline the governance of the association, establish new
 voting rights for financial institutions on the operating rules for the ACH
 Network, and establish direct membership in NACHA for financial institutions.
     NACHA now has 31 members consisting of 21 payments associations and 10
 financial institutions.  The other direct financial institution members are
 Bank of America, Bank One, Capital One, Citibank, First Union, J.P. Morgan
 Chase, Mellon, Wachovia, and Wells Fargo.  NACHA's financial institution
 members originated more than 57 percent of commercial ACH Network transactions
 during 2000.  With the addition of Fleet, nine of the 12 largest originators
 of ACH payments, according to the NACHA Top 50 list of the largest ACH
 originators, are now direct members of NACHA.
 
     About NACHA -- The Electronic Payments Association
     NACHA is the leading organization in developing electronic solutions to
 improve the payments system.  NACHA represents more than 12,000 financial
 institutions through direct memberships and a network of regional payments
 associations, and 600 organizations through its six industry councils.  NACHA
 develops operating rules and business practices for the Automated Clearing
 House (ACH) Network and for electronic payments in the areas of Internet
 commerce, electronic bill payment and presentment (EBPP), financial electronic
 data interchange (EDI), international payments, electronic checks, and
 electronic benefits transfer (EBT).  Visit NACHA on the Internet at
 http://www.nacha.org .
 
     About FleetBoston Financial Corporation
     FleetBoston Financial is the seventh largest financial holding company in
 the United States.  A $179 billion diversified financial services company, it
 offers a comprehensive array of innovative financial solutions to 20 million
 customers in more than 20 countries and territories.  Among the company's key
 lines of business are: retail banking, with over 1,200 branches and nearly
 3,400 ATMs in the Northeast; commercial banking, including capital
 markets/investment banking and commercial finance; investment services,
 including discount brokerage; and full-service banking through more than 250
 offices in Latin America.  FleetBoston Financial is headquartered in Boston
 and listed on the New York Stock Exchange (NYSE:   FBF) and the Boston Stock
 Exchange (Boston: FBF).
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X60782454
 
 

SOURCE National Automated Clearing House Association
    HERNDON, Va., April 23 /PRNewswire Interactive News Release/ --
 FleetBoston Financial, headquartered in Boston, Massachusetts, has become a
 member of NACHA -- The Electronic Payments Association.  The announcement was
 made today at NACHA's PAYMENTS 2001 conference.  Fleet is the second financial
 institution to join NACHA since NACHA's membership was reopened this year to
 financial institutions.
     "Fleet is one of the largest originators of ACH payments, and we will look
 to them to contribute to the many strategic initiatives underway at NACHA,"
 said Janet C. Boyst, Chair of NACHA's Board of Directors and Senior Vice
 President and Group Executive at Wachovia Bank.  "On behalf of everyone at
 NACHA, we are pleased to welcome Fleet as a member."
     "Fleet joined NACHA because of the opportunity to influence the
 development of the electronic payments system at the national level," said
 Skip Heaps, Director of Cash Management of Fleet.  "Membership in NACHA
 enhances our reputation as an innovator in providing our customers with
 electronic payment products and services.  We look forward to working with
 NACHA on many of the exciting projects that are underway."
     Membership in NACHA provides important benefits to financial institutions:
 
     *  Influence and Control -- Financial institution members cast votes
        directly on the ACH Operating Rules and other electronic payment
        standards and rules governing the banking industry nationwide.
        Financial institution members are eligible to serve on NACHA's Board of
        Directors.
 
     *  Innovation and Opportunity -- NACHA is at the forefront of developing
        new electronic payment services and products, as well as risk
        management and quality control initiatives that have a direct impact on
        a financial institution's service offerings and bottom line.
        Membership in NACHA opens doors to other decision-makers at financial
        institutions, corporations, service providers, government agencies and
        other e-commerce-related organizations.
 
     *  Visibility in a Thriving Industry -- Financial institution members of
        NACHA are an elite group in a dynamic industry.  Annual ACH volume has
        increased by 580 percent over the past 10 years, and ACH payments are
        the fastest growing source of revenues among all corporate payment
        services.  More than 3 million companies in the United States use ACH
        services today.
 
     Direct membership in NACHA for financial institutions became available
 this year after NACHA completed a reorganization in 2000.  The reorganization
 was undertaken to streamline the governance of the association, establish new
 voting rights for financial institutions on the operating rules for the ACH
 Network, and establish direct membership in NACHA for financial institutions.
     NACHA now has 31 members consisting of 21 payments associations and 10
 financial institutions.  The other direct financial institution members are
 Bank of America, Bank One, Capital One, Citibank, First Union, J.P. Morgan
 Chase, Mellon, Wachovia, and Wells Fargo.  NACHA's financial institution
 members originated more than 57 percent of commercial ACH Network transactions
 during 2000.  With the addition of Fleet, nine of the 12 largest originators
 of ACH payments, according to the NACHA Top 50 list of the largest ACH
 originators, are now direct members of NACHA.
 
     About NACHA -- The Electronic Payments Association
     NACHA is the leading organization in developing electronic solutions to
 improve the payments system.  NACHA represents more than 12,000 financial
 institutions through direct memberships and a network of regional payments
 associations, and 600 organizations through its six industry councils.  NACHA
 develops operating rules and business practices for the Automated Clearing
 House (ACH) Network and for electronic payments in the areas of Internet
 commerce, electronic bill payment and presentment (EBPP), financial electronic
 data interchange (EDI), international payments, electronic checks, and
 electronic benefits transfer (EBT).  Visit NACHA on the Internet at
 http://www.nacha.org .
 
     About FleetBoston Financial Corporation
     FleetBoston Financial is the seventh largest financial holding company in
 the United States.  A $179 billion diversified financial services company, it
 offers a comprehensive array of innovative financial solutions to 20 million
 customers in more than 20 countries and territories.  Among the company's key
 lines of business are: retail banking, with over 1,200 branches and nearly
 3,400 ATMs in the Northeast; commercial banking, including capital
 markets/investment banking and commercial finance; investment services,
 including discount brokerage; and full-service banking through more than 250
 offices in Latin America.  FleetBoston Financial is headquartered in Boston
 and listed on the New York Stock Exchange (NYSE:   FBF) and the Boston Stock
 Exchange (Boston: FBF).
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X60782454
 
 SOURCE  National Automated Clearing House Association