On Nov. 1, 2018, The National Automated Clearing House Association released statistics showing that automated clearing house (ACH) payments reached over 5.6 billion in Q3 of 2018, a rise of 6.7 percent from Q3 of last year.
The Thursday press release by NACHA applauded online payments and business-to-business (B2B) platforms as the major contributors to this desirable result.
According to Jane Larimer, the COO of NACHA, the Automated Clearing House Network “is thriving.”
“Governments, financial corporations, companies, and customers are all enjoying the convenience our network provides,” she added during the press release.
NACHA also confirmed that there over 3.3 billion ACH debit and around 2.3 billion ACH credit transactions made in Q3 of 2018.
Throughout the same quarter, direct deposits meant to clear payroll and relevant customer disbursements accounted for most of the transactions (around 1.7 billion) — this figure showed a 3.7 percent rise. The National Automated Clearing House Association also announced that a total of 1.5 billion internet transactions successfully went through its network, recording a 14 percent increase; P2P (person-to-person) transactions reached 32.7 million recording a 32 percent increase; and a total of 896 million B2B (business-to-business) transactions went through ACH representing a 9.6 percent increase.
This press release comes after NACHA’s figures in July that saw debit, and credit transactions collectively recorded 5.7 billion in Q2 of 2018— going up 6.2 percent from quarter two of last year. At that time, NACHA termed the percentage rise as one of its fastest growth rates as of 2008 and added that it demonstrated that more and more consumers, as well as businesses, are embracing ACH services around the world.
Moving forward, NACHA also said that there were over 2.4 billion ACH credit and 3.3 billion ACH debit transactions in the quarter two of this year. Direct deposits for payroll and relevant customer disbursements contributed to the most number of transactions at nearly 1.7 billion, recording a 4.2 percent rise. Other statistics for the second quarter of 2018 were are follows:
The ACH platform initiated around 1.5 billion internet transactions which meant a 14.3 percent increase; More than 29 million P2P (person-to-person) transactions were made, and B2B transactions reached 889 million representing an 8.6 percent increase.
Customers and businesses are increasingly using ACH services including same-day ACH. Hopefully, the platform will boost up its security and keep up its convenience.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high-risk payment processing company eMerchantBroker. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.