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NACHA ANNOUNCES PAYMENT SYSTEMS EXCELLENCE AWARD WINNERS: WEST VIRGINIA GOVERNOR, NEW YORK CLEARING HOUSE ASSOCIATION PRESIDENT ACCEPT HONORS

 HERNDON, Va., Feb. 17 /PRNewswire/ -- Governor Gaston Caperton of West Virginia is one of two winners of the 1993 Payment Systems Excellence Award to recognize leaders who have improved the nation's payment system, officials at the National Automated Clearing House Association (NACHA) today announced. Gov. Caperton and John Lee, president of the New York Clearing House Association, will receive the award at NACHA's Annual Conference - NACHA 93 - held March 14-17 in San Diego.
 Both Caperton and Lee were nominated for the annual award based on their ability to pioneer advancements and foster development and use of efficient electronic payment systems. As governor of West Virginia since 1989, Caperton worked to establish the State Board of Investments as a separate state agency which is responsible for developing and maintaining modern systems for the collection, disbursement, investment, and management of the state's money. Under Caperton's direction as chairman of the Board of Investments, an EFT/ACH division was established and has implemented the following ACH programs:
 -- Direct deposit of
 - Payroll
 - Retirement benefits
 - Workers' compensation benefits
 - Welfare benefits
 - Vendor payments
 -- Lottery collection/disbursements
 -- Short and long-term investment collection/disbursements
 -- Cash concentration/disbursement of state receipts
 -- Federal funds to local governments
 -- Debt service payments
 -- Taxes
 -- Alcoholic beverage collection/disbursements
 Lee has been a leader in the electronic payment arena for more than 25 years. As president of the New York Clearing House Association, Lee worked to form the Clearing House Interbank Payments System (CHIPS) in 1970. The CHIPS electronic payments network currently handles 160,000 electronic transactions worth a total of more than $1 trillion each day. In 1975, Lee assisted in the development of the New York Automated Clearing House, which handles ACH transactions in that region. NYACH established an electronic link with all the member financial institutions in its region by January of 1990, a move that prompted the Federal Reserve Board to require all financial institution users of Federal Reserve ACH services to be electronically linked to the Fed by July 1993. As a respected industry representative, Lee has testified before U.S. Senate and House subcommittees and was an advisor to the drafting committee that worked on the new Uniform Commercial Code - 4A, which covers EFT rules.
 "By encouraging the development of electronic payments and launching innovative programs to reduce payments risk, Mr. Lee was integral in paving the way for rapid growth in the ACH Network," said NACHA's President and CEO Elliott C. McEntee. "Gov. Caperton's accomplishments in West Virginia demonstrate that ACH payments can be used in a variety of programs to reduce costs and improve government operations."
 Sponsored by NACHA, the award honors outstanding individuals, financial institutions, corporations or other organizations that demonstrate superior leadership in the development and advancement of automated payment systems. This year's luncheon honoring the Payment Systems Excellence Award winners at NACHA 93 will be sponsored by Visa USA. In addition to the awards ceremony, a reception will be held in the winners' honor. Past PSEA recipients include Texas Gov. Ann Richards and corporations such as Bechtel, Exxon and Sears, Roebuck.
 NACHA is a non-profit trade association which forms the cooperative foundation for the automated clearing house (ACH) payments system through a network of 40 ACH associations nationwide. Transactions processed through the ACH network include preauthorized bill payments and electronic data interchange (EDI) transactions, as well as payments for direct deposit of payroll, dividends, pensions and annuities. The ACH payments mechanism currently processes over 1.7 billion transactions a year through low cost, efficient funds transfer for the more than 14,000 financial institution members, serving over 150,000 corporations and millions of consumers.
 -0- 2/17/93
 /CONTACT: Stephen Lewis of NACHA, 703-742-9190/


CO: National Automated Clearing House Association;
 New York Clearing House Association ST: Virginia, West Virginia, New York, California IN: FIN SU:


GK-LR -- NY042 -- 7277 02/17/93 11:24 EST
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Date:Feb 17, 1993
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