Payments reached 30 billion and a total of $76.7 trillion last year, according to a report from Nacha.
02/24/2023 1:40 P.M.
1.5 minute read
The ACH Network processed 30 billion payments valued at $76.7 trillion in 2022, an increase of 3% and 5.6% respectively over 2021, according to a press release from Nacha.
“2022 marked the tenth consecutive year in which the total value of ACH payments increased by at least $1 trillion,” said Jane Larimer, Nacha president and CEO. “This underscores the fact that the ACH Network is an industrial-strength, modern payment system serving hundreds of millions of consumers, businesses and other organizations.”
The ACH Network also implemented Late Night ACH last year, which brought the distribution of additional files to all receiving institutions by 11:30 p.m. ET, and accelerated the delivery of ACH payments that would otherwise be received the next morning.
Nacha estimates that an average of nearly 10 million ACH payments per day are being delivered in these new files Monday through Thursday, and an average of more than 50 million ACH payments are being delivered on Fridays, according to the press release.
“Same Day ACH is a key component of today’s ACH Network,” Larimer said. “Corporate and other ACH users wanted an increase in the per-payment limit for Same Day ACH, and the ACH Network delivered that last March.”
2022 saw a 15.5% increase in same-day volume and a value increase of 86.3% for those payments, driven by an increase in the Same Day ACH dollar limit to $1 million.
Other highlights from 2022 include:
- “Businesses continued to move away from checks, as shown in the 11.8% year-to-year increase in Business-to-Business (B2B) payments.
- Adoption of Same Day ACH for B2B payments increased 44% in 2022.
- Health care claim payments rose 6.1% from 2021, with more than 452 million payments.
- One of Nacha’s focus areas in 2023 is encouraging dental providers to switch to ACH. Dental practices lag behind their medical counterparts in accepting electronic claim payments.
- Direct Deposit was 4.1% lower in 2022 with the end of federal pandemic assistance programs and fewer jobless benefit payments.”
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