HERNDON, Va., Jan. 22, 2020 /PRNewswire/ -- The ACH Network closed out 2019 with a strong final quarter featuring impressive growth across several areas, particularly Same Day ACH.
Fourth quarter ACH Network volume was 6.4 billion payments. That's an increase of 482 million, or 8.1%, from the same time in 2018. There were 3.7 billion debits and 2.7 billion credits. The value of those payments was nearly $14.7 trillion, up 10.6% from a year earlier.
Business-to-business (B2B) payments continued to show impressive strength in the quarter, recording 1 billion payments, up 12.6%. Direct Deposit notched a 7.6% increase, with 1.8 billion payments.
"With this impressive performance in the fourth quarter, it's evident that the modern ACH Network is thriving," said Nacha President and CEO Jane Larimer.
The growth trajectory of Same Day ACH continued in the quarter as volume soared 39%, reaching 71.3 million payments. That breaks down to 41.3 million credits and 30 million debits.
"The fourth quarter was the first full quarter in which the volume of Same Day ACH payments exceeded 1 million per day. We're delighted to see the growing acceptance of Same Day ACH among businesses and consumers," said Larimer.
Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha's efforts benefit all stakeholders. Nacha 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 2018, there were 27 billion ACH payments, and more than $51 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.
These press releases may also interest you