ACH Network Sees Record Growth in 2020 to 26.8 Billion Payments
The 26.8 billion payments made on the ACH Network in 2020 is an increase of 8.2% over 2019, while the value of those payments, $61.9 trillion, is up 10.8%. A record of more than 2 billion new payments were added in 2020, and the growth rate is the highest since 2007. The 2020 results also mark the sixth consecutive year in which payment volume climbed by more than one billion, and the eighth year in a row with a value increase of more than $1 trillion.
“As the world was turned upside-down by COVID-19, the modern ACH Network rose to the challenge to help keep vital payments moving quickly and accurately among American consumers, businesses, and government agencies,” said Jane Larimer, Nacha President, and CEO. “Today’s ACH Network is truly industrial strength, handling large volumes of Direct Deposits for Economic Impact payments, unemployment benefits, and assistance payments for other organizations and institutions in the U.S.”