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NEWS RELEASE
CONTACT:
Commercial ACH Payments Up 24.6% in 3rd Quarter; ARC
Leads the Way
Herndon, Virginia, October 26, 2004 – The
nation's financial institutions originated more then
2 billion automated clearing house (ACH) payments in
the 3rd quarter of 2004, the first time that
milestone has been achieved, according to statistics
from NACHA - The Electronic Payments Association.
Financial institutions' originated ACH volume for
the quarter was 2.086 billion, up a sizzling 24.6%
over a year ago. Including Federal government
payments, ACH volume was over 2.3 billion for the
3rd quarter. Leading the way is ARC - Accounts
Receivable check conversion. In the 3rd quarter
there were more than 266 million ARC payments, an
increase of over 500 percent over a year ago. ARC
accounted for 54 percent of the growth in financial
institutions' ACH payments. The five ACH e-check
applications combined for 537.3 million payments in
the 3rd quarter, more than double the number over a
year ago. The figures cited do not include estimates
of on-us ACH payments, in which the originating and
receiving financial institutions are the same
institution. NACHA estimates that, including an
allowance for on-us payments, ARC is on track to
reach 1.25 billion transactions in 2004.
About NACHA - The
Electronic Payments Association
NACHA is the leading
organization in developing electronic solutions to
improve the payments system. NACHA represents more
than 12,000 financial institutions through direct
memberships and a network of regional payments
associations, and 650 organizations through its
industry councils. NACHA develops operating rules
and business practices for the Automated Clearing
House (ACH) Network and for electronic payments in
the areas of Internet commerce, electronic bill and
invoice presentment and payment (EBPP, EIPP),
e-checks, financial electronic data interchange
(EDI), international payments, and electronic
benefits transfer (EBT). Visit NACHA on the Internet
at www.nacha.org.
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