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To: StocksMan who wrote (18998)	11/14/2001 4:28:49 PM
From: StocksMan	Respond to of 20297

NACHA Hails Results of Federal Reserve Research on Checks and Electronic Payments NEWS RELEASE CONTACT: Michael Herd mherd@nacha.org Herndon, VA, November 14, 2001 -- The results of new research by the Federal Reserve show that electronic payments are much more important to the nation's economy than previously thought. The Fed's study on retail payments shows that electronic payments have increased to 40 percent of all non-cash payments, a far higher percentage than existing industry estimates. "Automated clearing house, credit card and debit card payments are all experiencing double-digit growth every year," said Elliott C. McEntee, President and CEO of NACHA -- The Electronic Payments Association. "We are encouraged that initiatives to reduce check use, such as e-checks and electronic bill payment, are succeeding. On behalf of all of NACHA's members, I thank the Federal Reserve for conducting this definitive research on the payments system." The last time that a study of this magnitude was conducted on retail payments was in 1979. Since then, the Federal Reserve and the banking industry have relied upon estimates of check volume that have increasingly overstated the actual number of checks. The new study reports that 49.1 billion checks are written in the U.S. every year, far lower than the figure of 68-70 billion that has been generally accepted in the banking industry. Electronic payment volume has increased to 29.5 billion payments annually, up from 5 billion reported in the 1979 study. 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 650 organizations through its 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 and invoice presentment and payment (EBPP, EIPP), e-checks, financial electronic data interchange (EDI), international payments, and electronic benefits transfer (EBT). Visit NACHA on the Internet at www.nacha.org. nacha.org