Implementation of the all-electronic ACH. EPN (previously known as NYACH) was the first to achieve a pure electronic initiation and delivery platform for financial institutions in 1989, three years before the Federal Reserve. He provided the leadership and demonstrated that it could be done nationwide.
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Elimination of settlement risk on the Clearing House Interbank Payments System (CHIPS), a system that transfers $1.7 trillion on an average day. Under his leadership, CHIPS took different steps to reduce settlement risk and in 2001, implemented a patented process which completely eliminated this risk.
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Leveling the competitive landscape between the private sector and the Federal Reserve for ACH processing in 2001. This was instrumental in EPN’s market share growth from 4% to 44% in six years.
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Development of business-to-business initiatives – the Universal Payment Identification Code (UPIC) which will be the tool that will make future credit transfers ubiquitous for businesses and consumers alike and the EPN STP 820 which will be the foundation for the remittance standards for business-to-business payments for ACH and wire transfer.
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Year 2000 Spokesperson for the New York Clearing House (Video)
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Recipient of the NACHA 2007 Kevin O'Brien ACH Quality Award
