ACH Network shows growth in payments at the end of 2020

Monday 25 January 2021 12:15 CET | News

The ACH Network has shown strong growth in the final quarter of 2020, with 7 billion payments made, an increase of nearly 9% from a year earlier.

Combined with data on check payments, the results show the dramatic impact of the pandemic on the use of payments by Americans, businesses and government agencies compared to 2019, before the pandemic had significantly impacted the US economy.

ACH growth accelerated in key areas that represent a quickening shift away from check payments. Payments to individuals by Direct Deposit increased by 11.1% to more than 2 billion. Internet-initiated consumer ACH payments for bills and other account transfers grew by 15.2% to more than 2 billion. Person-to-person (P2P) payments completed by ACH grew by 44% to 62 million.

Business-to-business (B2B) payments by ACH for vendor and supply chain payments rose almost 15% from the fourth quarter of 2019 to 1.2 billion. At the same time, the volume of ACH payments initiated by a check declined by more than 23% in the fourth quarter compared to 2019.

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Keywords: ACH network, Nacha, US, payments , digital payments, checks, e-payments
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce