On the receiving side, the Top 50 financial institutions accounted for volume of over 13.5 billion ACH payments, up nearly 8 percent from 2017. These financial institutions constitute 59 percent of the receiving volume on the ACH Network.
“From Direct Deposit to charitable giving to bill payments and more, the ACH Network increases its value to the U.S. economy every year,” said NACHA Chief Operating Officer Jane Larimer.
NACHA also updated the 2018 total ACH payments volume to 27 billion transactions. This includes the 23 billion ACH Network payments, plus an additional 4.1 billion “off-Network” transactions, consisting primarily of on-us ACH payments, with a small volume of ACH direct-send payments.
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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.