LOS ANGELES - Automated clearing house (ACH) payments totaled more than 6.2 billion in 1999, a 16.9% increase from the previous year, according to statistics from NACHA-The Electronic Payments Association. The annual volume of ACH payments is now four times greater than 10 years ago, said Kevin O'Brien, NACHA chairman. The dollar amount of 1999's ACH payments increased from $18.1 trillion in 1998 to $19.4 trillion in 1999, a 7.4% increase. ACH payments include business-to-business payments, direct deposit of payroll, Social Security benefits and tax refunds, direct payments of mortgages, car loans, insurance, utility and other bills, and federal tax payments. NACHA statistics also showed increases in 1999 from 1998 in the number of bill payments and other consumer debit payments made over the ACH Network - up 19.4%; use of the ACH network for business payments, up 16.0%.
ACH payments increased almost 17% in 1999
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