Thursday, April 11, 2013

Bank of America, Wells Fargo No. 1 for electronic transactions

Among U.S. financial institutions, Bank of America was the biggest receiver of payments known as automated clearing house transactions in 2012, and Wells Fargo was the largest originator, according to data released this week by The Electronic Payments Association.

ACH payments encompass a wide range of electronic transactions, from direct deposits to purchases made on the Internet to online bill payments. The Electronic Payments Association, based in Herndon, Va., governs the ACH system.

Charlotte-based Bank of America received $1.7 billion in ACH payments in 2012, retaining the first-place ranking it had in 2011, when it received $1.6 billion.

San Francisco-based Wells Fargo received $1.3 billion in 2012, putting it in second place.

Wells Fargo originated $3.5 billion in ACH payments in 2012, surpassing JPMorgan Chase & Co., which in 2011 was the biggest originator. New York-based JPMorgan fell to No. 2 last year, originating $3.4 billion in payments.

 In 2012, there were roughly 21 billion ACH payments, up 4.19 percent from 2011, the association said. For the year, $36.9 trillion was transferred over the ACH network, an increase of 8.76 percent over 2011.