Demand for ACH payment processing has been climbing since the first national networks emerged in 1978. In August, ACH Network transactions broke the 2 billion mark for the first time. That's 2 billion transactions in a single month – with a value of $4.5 trillion.
NACHA, the 44-year-old organization that administers the ACH Network, says if the pace continues, the Network will add more than 1 billion new payments for the fourth consecutive year.
Billions of Paychecks, Moving Faster
That's a lot of money, moving faster all the time. It's a system that enables everything from instant bill paying to the direct deposit of social security checks and other government benefits to the direct deposit of billions of hard-earned paychecks.
While business to business payments and internet-initiated payments are the fastest growing segments of ACH processing, direct deposit for payroll makes up the largest share of transactions. In the second quarter of 2018, there were nearly 1.7 billion direct deposit payroll ACH transactions.
To learn more about how this all came about, visit NACHA's timeline of ACH history from inception to its current role "at the center of modern American commerce" with $43 trillion in transactions each year.
How Can We Help You?
To learn more about your options for using ACH payroll processing in your business, watch our introductory video below. We process $150 billion annually in ACH direct deposit payroll transactions for more than 110,000 employers nationwide, with unmatched customer service and security.