Posted by Sarah Jordan

To give a quick breakdown of the recent Payments 2007 conference—hosted by NACHA, The Electronic Payments Association—ACH payments grew by 2 billion transactions across all payment types and totaled almost 16 billion transactions in 2006. The Federal government exceeded 1 billion ACH payments for the first time, and financial institutions originated the remaining 15 billion for consumer and business payments.

Major areas of growth for consumer and business payments in 2006 include:

• Consumers made almost 8 billion ACH payments via direct-debits, Internet and telephone transactions, and check conversions.

• Check conversion increased by 32 percent to 2.8 billion.

• ACH payments made over the Internet (WEB transactions) grew by 35 percent to 1.8 billion.

• Business to business ACH payments increased by 10.9 percent to 2.3 billion.

Meanwhile, in other areas of the payment processing world, paper check usage decreased by 4 percent.

Read full article from NACHA

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