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ACH Payment Volume Increase 5% on Last Year

Transactions made through the Automated clearing house (ACH) system rose again last year, that is according to statistics published by the NACHA — The Electronic Payments Association.

The total volume of ACH payments grew to almost 24 billion, that’s an increase on last year of 5% or 1 billion transactions. The value of transactions also increased, rising to $40 trillion, which was a 3% increase on the previous year.   

 “The ACH Network has continually added capabilities over  its history to enable a host of electronic payments, such as payroll, bill payments, business payments, online and mobile payments, international payments, and a variety of others,” said president and chief executive officer of NACHA, Janet Estep.

“New initiatives will help us continue to provide new, efficient options for ACH Network users.”

The increase reflects the industry’s continued adoption and use of electronic payments, with native electronic payments and payments that start and end electronically making up 90% of the ACH Network’s transaction volume.  Last year there were over 16 billion native electronic payments, up 6.3% on 2013.

Web transactions, these are debit or credit payments made only when authorisation is given via the internet, grew 10.2 % last year, rising to a total of 3.6 billion web transactions. This includes 7.4 million web credits that were person-to-person, P2P payments. In total, Web transactions made up close to 20% of all ACH Network transaction volume.

“Clearly, the trend is moving towards more and more online and mobile payments, as these types of payments, like the ACH Network, provide choice, flexibility and convenience for consumers,” said Estep.

“Continued development and implementation of rules that support the changing needs of the industry will help ensure financial institutions remain at the centre of payments and continue to meet the needs of today’s and tomorrow’s consumers,” she added.

The ACH network processed a total of 2.7 billion CTX and CCD transactions in 2014, which was an increase of 7.3% on the previous year, making these types of payment the main driver for the recent growth of ACH.

Recurring payments, known in the industry as PPD transactions, account for half of the total ACH Network volume and grew 4.4% in 2014. Direct Deposits, or PPD credits, also increased over the same period by 3.6%.