14B ACH Payments in 2005; Doubles in Five Years
SAN DIEGO - Automated clearinghouse payments were up 16.2% in 2005 over 2004 to nearly 14 billion transactions, NACHA recently reported.
This volume has doubled in the last five years by NACHA-compiled statistics. The growth has been spurred across all transaction categories and new applications primarily for collecting consumer bill payments.
"Financial institutions provide tremendous value to their customers through electronic payment products and services," said NACHA Chairman Steve Ellis, executive vice president of Wells Fargo's Wholesale Banking Group. "The rapid growth of the ACH Network is tangible proof of the value that financial institutions and their customers experience from ACH payments."
Consumers use the ACH Network primarily to pay bills and receive direct deposits. Businesses and governments use the ACH Network for payments to and from trading partners, vendor payments, business-to-government tax withholdings, intra-company cash management transfers, and to exchange remittance information regarding payments.