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JPMorgan Chase ranks first in ACH

US financial giant JPMorgan Chase has been ranked as the number one in automated clearing house (ACH) network payments in 2005 by the electronic payments association NACHA.

The ACH network is an electronic payments system which allows banks and other financial institutions to transfer money between customers and others safely and securely - the electronic alternative to paper checks.

Since the establishment of the network 31 years ago, JPMorgan Chase has been consistently ranked as the number one in ACH transactions, with the bank making more than 2.7 billion transactions last year alone.

Commenting on the announcement of the rankings, Patrick J Moore, senior vice president of JPMorgan's domestic ACH and deposit services, said the use of ACH was growing within the financial sector, making it important for the bank to be at the forefront of developments.

"At JPMorgan Chase we are constantly exploring ways to bring solutions to the marketplace that complement our full suite of products so our clients can take maximum advantage of the growing e-check marketplace," he said, adding that he expected the current decline in the use of paper checks to continue.