The nation’s consumers and businesses are clearly expressing their preference for electronic payments and the ACH Network will continue evolving to provide the services they need.
HERNDON, Va. (PRWEB) March 12, 2019
The ACH Network set a record in February as volume exceeded 100 million ACH payments per banking day—an increase of 7.2 percent over February 2018. In each year there were 19 banking days in the month. Total Network volume last month exceeded 1.9 billion payments.
“February’s record-setting performance is further proof of the vibrancy of the ACH Network and that it is a vital part of America’s economic engine,” said NACHA Chief Operating Officer Jane Larimer. “The nation’s consumers and businesses are clearly expressing their preference for electronic payments and the ACH Network will continue evolving to provide the services they need.”
February’s results come on the heels of a year in which the ACH Network saw its highest volume growth rate in a decade with 23 billion payments. 2018 also marked the fourth consecutive year in which year-to-year volume increased by at least 1 billion payments.
NACHA is the steward of the ACH Network, an electronic payment system that safely and reliably moves tens of billions of payments annually. NACHA sets and enforces the NACHA Operating Rules and works to continuously enhance the ACH Network through innovation, education and advocacy. In 2018, the ACH Network moved 23 billion payments and more than $51 trillion over a wide range of transaction types, including Direct Deposit of salaries and benefits, bill payments, business-to-business (B2B) and person-to-person (P2P) payments, and claim payments to healthcare providers. As a nonprofit organization, NACHA convenes hundreds of diverse organizations to enhance and enable electronic payments and financial data exchange within the U.S. and across geographies. Through development of rules, standards, governance, education, advocacy, and in support of innovation, NACHA’s efforts benefit the providers and users of those systems. NACHA leads groups focused on API standardization and authors the Quest Operating Rules for EBT. Learn more about NACHA and the ACH Network at nacha.org and connect with us on LinkedIn, Twitter, Facebook and YouTube.