The ACH Network processed 21.5 billion transactions valued at more than $46.8 trillion in 2017, representing increases of 5.7%and 6.9%, respectively, over 2016, according to new data released by NACHA—The Electronic Payments Association.
It is the third year in a row in which the number of new ACH transactions increased by more than 1 billion, and the ACH Network’s growth rate for 2017 is the highest since 2008.
“2017 marks another significant achievement in the evolution of the ACH Network, as transaction volume was exceptionally strong and Same Day ACH was made fully available,” comments NACHA Chief Operating Officer and General Counsel Jane Larimer. “The continued robust growth comes as no surprise as the ACH Network continues to evolve to meet the needs of financial institutions, businesses and consumers.”
The growth of both ACH transaction volume and value this year propelled the ACH Network to new heights. In 2017, nine billion ACH credit transactions had a total value of more than $30 trillion and the more than 12 billion debit transactions had a total value of more than $16 trillion. All told, the value of ACH Network transactions was more than double the US. GDP and the volume is more than 66 times the number of people in the US.
- A 5.6% increase in business-to-business transactions (3.3 billion transactions)
- A 5.8% increase in payroll and other consumer Direct Deposit transactions (6.5 billion transactions)
- A 13.1% increase in internet transactions (5.2 billion transactions)
- A 23.3% increase in person-to-person transactions (97 million)
- A 478% increase in Same Day ACH transactions (75 million)
In addition to ACH Network transactions, which are processed by ACH Network operators, financial institutions surveyed by NACHA reported 4.2 billion “on-us” ACH transactions. On-us transactions are not processed by ACH Network operators, but instead represent ACH transactions in which the same financial institution is both the originating and receiving institution. This on-us ACH transaction volume is 5.3% higher than similar volume reported in 2016.