For the third year in a row, the number of ACH transactions processed in 2017 grew by more than a billion, according to NACHA, the national electronic payments association that administers the ACH Network. Those transactions included 75 million same-day ACH transactions, an increase of 478%.
With 21.5 billion in ACH transactions valued at more than $46.8 trillion last year, both the number and the value of transactions continued their climb. The number of transactions, an increase of 5.7% over 2016, was "more than 66 times the number of people in the U.S.," the association noted.
Among other data included in its report:
- A 5.6 percent increase in business-to-business transactions (3.3 billion transactions)
- A 5.8 percent increase in payroll and other consumer Direct Deposit transactions (6.5 billion transactions)
- A 13.1 percent increase in internet transactions (5.2 billion transactions)
- A 23.3 percent increase in person-to-person transactions (97 million)
With the roll-out of the association's Phase 3 operating rules for same-day processing earlier this year, payroll providers could see even greater demand for same day ACH.
Taking the Hassle Out of the Process
Keeping up will require the right software platform. As ACH payroll specialists, we wanted to make the process easier, more secure and more transparent for the payroll providers who depend on our services.
Our new FlexACH platform hits the mark on all three counts, delivering a more seamless, secure and adaptable system for processing and tracking ACH payroll transactions. FlexACH is state-of-the-art technology built around feedback from our payroll clients and our more than 15 years experience as a a leader in ACH processing innovation. Better yet, it's a flexible platform built to accommodate additional features and customization as needed.
Cachet Financial Services Director of Operations Hanan Succar said that input from users was a central part of the new platform's development.
"This new and improved system allows for better controls and the ability to add features that clients want," she said.
FlexACH will have its debut at the The Payroll Group annual conference May 3 in Hollywood, Calif., where we will be demonstrating the many features of this robust new platform.
Step-Saving Features and At-a-Glance Reporting
With FlexACH, you will have access to same-day ACH processing and drawdown with an easy upload function and a built-in progress window that provides visibility into the status of your files. Other time-saving features include:
- Same-day wire for eligible customers
- Automated credit returns
- In-platform reporting including client transaction and clearing account status
- At-a-glance trace number availability
- Direct FTP file upload capability
Greater Automation Puts Same-Day Processing at Your Fingertips
FlexACH provides you with access to the fastest form of ACH available via a platform that automates processes that used to require a telephone call. From obtaining a tracing number, to running reports, FlexACH gives you access to the data and reporting you need, whenever you need it. That's time you told us you could put to better use, like growing your business, or offering greater service to your clients.
Here's what isn't changing: our commitment to customer training and ongoing support. Whether you are implementing FlexACH as a new client, or upgrading from our current platform, we provide comprehensive training and support for seamless adoption and integration.
We're Specialists and It Shows
At Cachet Financial Services, ACH processing and directly related services for the payroll industry is our only focus. That's why we are able to provide services you won't get from your bank, like daily reconciliation down to the client level. We also can typically beat bank pricing by up to 50%.
There are a lot of reasons why Cachet Financial Services is entrusted with the ACH payroll processing for more than 110,000 employers nationwide. FlexACH is just one more. Contact us for a demonstration or to learn more.