MetaBank has announced its joining of the automated clearing house system NACHA.
The Herndon, Va., electronic payments association said last week that MetaBank had become a direct member, giving the Storm Lake, Iowa, unit of Meta Financial Group a voice in the evolution of the automated clearing house system.
Twenty-six banks and 18 regional payments associations are now direct members of Nacha, including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and several other major financial companies.
Bob Nelson, a vice president in the bank's Meta Payments Systems unit, said in a press release that his company wants to take "an active role in shaping the future landscape of the financial services industry."
MetaBank originated 28.4 million ACH transactions last year, which gave it the 39th-largest volume for an originating depository financial institution, according to data compiled by NACHA.