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ACH Network reports 23 billion payments in 2018.

Global Banking News-February 26, 2019-ACH Network reports 23 billion payments in 2018

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ACH Network has announced that in 2018, its volume reached 23 billion payments, an increase of 1.5 billion payments, a Y-O-Y increase of 6.9 percent, the company said.

This is the fourth straight year the ACH Network has added more than 1 billion new payments.

The value of ACH payments in 2018 was USD 51.2 trillion, a 9.5 percent increase over 2017. It marked the sixth consecutive year in which ACH payment value has risen by at least USD 1 trillion.

Same Day ACH volume soared in 2018, the first full year with same-day debits as well as credits. There were nearly 178 million Same Day ACH payments last year: 98.3 million credits and 79.7 million debits. Overall Same Day ACH volume jumped 137 percent from 2017. Total Same Day ACH value in 2018 was USD 159.9 billion, up 83 percent over the year before.

Several core ACH use cases saw substantial growth in 2018 including:

-Business-to-business (B2B) payments, up 9.4 percent to 3.6 billion, total value USD 34.9 trillion

-Direct Deposit, up 4.4 percent to 6.8 billion, total value USD 9.7 trillion

-Internet payments, up 14.2 percent to 5.9 billion, total value USD 2.9 trillion

-Payments from health plans to medical and dental providers, up 11.5 percent to 306.7 million, total value USD 1.59 trillion

-Person-to-person (P2P) payments, up 32.2 percent to 128.7 million, a total value of USD 209.6 billion

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. ??

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Global Banking News (GBN)
Date:Feb 26, 2019
Words:326
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