The ACH Network is thriving, and has achieved a milestone of more than 2 billion payments in one month,” said Jane Larimer, chief operating officer of NACHA. “This impressive growth demonstrates that businesses and consumers are choosing to use ACH payments.
HERNDON, Va. (PRWEB) September 13, 2018
In August 2018, ACH Network volume exceeded 2 billion transactions in a month for the first time, an increase of over 10 percent compared to August 2017. The value of the payments was $4.5 trillion, an increase of 12 percent compared to 2017.
“The ACH Network is thriving, and has achieved a milestone of more than 2 billion payments in one month,” said Jane Larimer, chief operating officer of NACHA. “This impressive growth demonstrates that businesses and consumers are choosing to use ACH payments.”
At the current pace of growth, the ACH Network will add more than 1 billion new payments for the fourth consecutive year. Key drivers of the robust volume growth from August 2017 to August 2018 are:
- Internet-initiated transactions, which includes bill payments and account-to-account transfers, grew by 24 percent and currently comprise 27 percent of ACH Network volume.
- Business-to-business ACH payments grew by more than 13 percent and comprise 16 percent of ACH Network volume.
NACHA is a nonprofit organization that 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, authors the Quest Operating Rules for EBT, and is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2017, there was a total of nearly 26 billion ACH transactions. Of these, 21.5 billion ACH payments valued at $47 trillion moved across the ACH Network, and more than 4 billion were on-us transactions within financial institutions. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.