Over 18.2 billion ACH payments in 2008, Says NACHA
The number of automated clearing house (ACH) payments in 2008 topped 18.2 billion, representing an increase of 1.2 billion over 2007, according to statistics released today by NACHA, the electronic payments association at its 2009 conference.
“Consumers, businesses, and government are continuing to embrace the safe, smart, and green attributes of ACH payments and choosing electronic over paper,” said Janet Estep, NACHA president and chief executive officer. “Despite the overall economy slowing in 2008, the ACH Network continues to see positive growth.”
The portion of ACH payment volume passing through the ACH operators grew in 2008 to nearly 15 billion transactions. The number of ACH Network transactions in 2008 was 14,960,689,587, which is 7.1% more than 2007. The dollar value of these payments was US$29.96 trillion, an increase of 4% over 2007.
In terms of business-to-business (B2B) payments, more than one billion EDI-formatted addenda records were transmitted across the ACH Network in 2008, a 14.6% increase over 2007. Businesses use EDI-formatted addenda records to send and receive invoice- and other payment-related information. The volume of CTX payments, which can carry up to 9,999 addenda records, increased by 16.1%, and the number of CCD payments carrying an addenda record increased by 17.9%.