New statistics released by NACHA – The Electronic Payments Association this week reveal that ACH Network volume grew to approximately 22 billion electronic payments in 2013, representing a four percent increase over 2012 volume.
The ACH Network saw a total of $38.7 trillion in transfers during 2013, an approximately five percent increase compared to 2012.
“Originally started more than 40 years ago as a system to replace paper checks, the ACH Network has grown into a robust payments system facilitating the adoption and advancement of electronic payments,” Janet O. Estep, the president and CEO of NACHA, said. “The continued growth and increased use of the Network attests to its ability to continually adapt and evolve to meet the changing needs of the industry.”
Native electronic payments, which start as an electronic transaction, make up a significant portion of ACH transactions. Such payments increased 7.1 percent in 2013 and currently make up approximately 90 percent of ACH Network value.
Significant growth was seen in 2013 in several categories, including online payments, business-to-business payments, consumer-initiated payments and recurring payments, such as direct deposit via ACH.