A new report from NACHA shows that ACH payments grew by 1 billion transactions in 2014, when compared to 2013’s figures.
This growth, which represented an increase of roughly 5 percent, jumped the total transaction volume to nearly 23 billion electronic payments. The new statistics also show that more than $40 trillion was transferred over the ACH Network in 2014, which was a 3 percent increase from 2013.
“The ACH Network has continually added capabilities over its history to enable a host of electronic payments, such as payroll, bill payments, business payments, online and mobile payments, international payments, and a variety of others,” said Janet Estep, president and CEO of NACHA in a news release. “New initiatives will help us continue to provide new, efficient options for ACH Network users.”
The report also showed that 90 percent of the ACH Network volume came from electronic payments, and native electronic payments; more than 16 billion electronic payments were transacted in 2014, which is a 6.3 percent increase from 2013.
In terms of online payments, Web transactions (debit/credit payments made when authorization is provided via the Internet) grew by 10.2 percent to 3.6 billion transactions through the ACH Network in 2014. Web transactions made up nearly 20 percent of ACH Network volume.
“Clearly, the trend is moving towards more and more online and mobile payments, as these types of payments, like the ACH Network, provide choice, flexibility and convenience for consumers,” Estep said. “Continued development and implementation of rules that support the changing needs of the industry will help ensure financial institutions remain at the center of payments and continue to meet the needs of today’s and tomorrow’s consumers.”
NACHA pointed toward its comprehensive risk management strategy that ensures security and integrity of ACH payments. NACHA also relies on the National System of Fines, to evaluate any rule violations. Last year alone, NACHA reported it assessed fines in 148 cases, which totaled $369,000.
“The ACH Network remains a safe, secure, and high-quality payments system,” Estep said. “The implementation of new rules, such as new standards and controls on resubmitting returned payments, and assessing fees on unauthorized transactions, will help further improve the quality of ACH payments and strengthen the Network overall.”