In 2015, ACH transaction volume grew to more than 24 billion electronic payments, an increase of 1.3 billion payments or 5.6% year-on-year (YOY).This increase marks the second consecutive year in which ACH payments grew by more than 1 billion.
According to statistics from NACHA — The Electronic Payments Association, a total of more than $41.6 trillion was transferred over the ACH Network last year, increasing 4% YOY.
The Electronic Payments Association, via its Payments Innovation Alliance, released a new white paper: “The Winning Mobile Wallet Solution.” Authored by The Alliance’s Mobile Wallet Team, the paper provides details on the capabilities and benefits of financial institution- and retailer-branded mobile wallets and the importance of interoperability to help achieve success.
One of the unique attributes of the ACH Network is its ability to process both debit and credit transactions. In 2015, the Network processed more than 11 billion debit transactions, which constitutes almost 60% of overall ACH Network volume. While the volume of debit transactions demonstrates its importance and value to end users, end users are embracing credit transactions as well, with credits growing by more than 5% YOY in 2015 to 8 billion transactions.
In the B2B transaction categories, CTX and CCD, ACH volume saw substantial increases. CTX transactions grew by 7.2% YOY and CCD transactions grew by 8.2% YOY. Healthcare payments, a specific CCD transaction, grew to 208 million transactions, or 39% YOY.
Not only have B2B transaction categories grown, but so have transactions categories in which consumers serve as the recipient of the payment. Direct Deposit via ACH – a credit transaction – is the transfer of funds from a company or government agency into an individual’s checking or savings account. In 2015, the Network transferred 5.8 billion Direct Deposits, an increase of 200 million transactions over last year.
P2P payments, a WEB/online credit transaction, saw growth as well. In its first full year of availability, P2P payments grew 670% YOY to 57 million transactions.
In addition to WEB credits, WEB debits saw increases as well. The Network transferred 4 billion WEB debits or online transactions, marking an increase of 12.8% YOY. Combined, WEB credits and WEB debits make up 21.3% of overall ACH Network volume.
The Top 50 Originating Depository Financial Institutions (ODFIs) originated 16.8 billion ACH transactions, accounting for 87.0% of ACH Network originated volume. The Top 50 Receiving Depository Financial Institutions (RDFIs) received 11.1 billion ACH transactions, accounting for 57.4% of ACH Network received volume.
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.