According to NACHA, the ACH network grew by 3.1 percent in the third quarter of 2010 compared to the third quarter of 2009.
Approximately 3.89 billion transactions worth more than $7.8 trillion were transmitted during the third quarter of 2010. There were 2.32 billion debits and 1.57 billion credits, for a total of 3.89 billion.
These figures represent a change of 3.1 percent and 7.1 percent, respectively, compared to the same quarter of 2009. The statistics include commercial inter-bank and government transactions, but not “on-us” transactions.
The ACH network is a batch processing, store-and-forward system, governed by NACHA. The ACH networks provides for interbank clearing of electronic payments for participating depository financial institutions.
Transactions received by a financial institution during the day are stored and processed later in a batch mode. Rather than sending each payment separately, ACH payment transactions are accumulated and sorted by destination for transmission during a predetermined period.
The ACH network faster processing than paper checks, which must be physically handled. Instead of using paper to carry necessary transaction information, ACH transactions are transmitted electronically between financial institutions through data transmission.
ACH are the most common alternative payment method for US consumers. Millions of Americans use the ACH network to pay for goods & services.
ACH payments are convenient for consumers. And economical for you.
Interested in an ACH account for your business?
Contact firstname.lastname@example.org today