More NewsOver 18.2 billion ACH payments in 2008, Says NACHA

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%.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha