With business-to-business (B2B) showing particularly strong growth, and healthcare claim payments setting a record, the modern ACH Network recorded a 7.7% increase in payment volume during the third quarter of 2021.
There were 7.3 billion payments on the ACH Network in the third quarter, 520 million more than a year earlier. The value of those payments, $18.1 trillion, reflects a rise of 13.8%.
As it has throughout the pandemic, B2B volume continued its strong growth. There were 1.4 billion B2B payments, an increase of 18.7% from the same time in 2020.
“The B2B numbers tell a straightforward story of businesses switching to ACH payments during the pandemic and not looking back,” said Jane Larimer, Nacha President and CEO. “They have recognized the benefits and efficiency of using the ACH Network rather than paper.”
Healthcare claim payments to medical and dental facilities and practices passed the 100 million mark with 109.4 million such payments, up 15.8%.
“We are heartened to see medical facilities, doctors and dentists increasingly realize the speed, cost savings and other benefits of having insurers pay claims by ACH, rather than waiting for paper checks in the mail. This is convenient for practices of all sizes, but especially smaller ones with limited staff and resources,” said Larimer.
Same Day ACH volume continued to climb with 142.8 million payments valued at $236 billion in the third quarter, increases of 52.1% and 90.4% respectively. Same-day B2B payment and dollar volumes also grew robustly, increasing by nearly 120% and 160% respectively, compared to the same quarter in 2020.
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. Nearly 27 billion ACH Network payments were made in 2020, valued at close to $62 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.