ACH Improvements, FedNow Represent Future of Electronic Payments

The volume and value of ACH payments has consistently increased for several years while the Federal Reserve prepares its FedNow instant payment platform, a Federal Reserve official and Nacha representative said March 22.

In 2021, the ACH network handled 29.1 billion transactions totaling $72.6 trillion, a “fairly significant jump” from 2020, said William Sullivan, senior director and group manager of government and industry relations at Nacha.

The volume of transactions has increased by more than 1 billion for seven consecutive years, and the total transaction value has increased by more than $1 trillion for nine consecutive years, Sullivan said.

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