ACH Boom Continues - 1.4 Billion ACH Vendor Payments in Q1 2022
With the COVID-19 pandemic forcing most office employees to work remotely, many accounting teams accelerated their digitization plans. With this trend came a spike in the number of total ACH payments and an increased demand for ACH vendor payments continues in 2022.
In the first quarter of this year, the ACH network saw a 15.5% increase in B2B transactions compared to last year, for a total of 1.4 billion payments, according to a report from NACHA. NACHA is the organization that oversees the ACH network.
“Many businesses and organizations have come to realize that ACH payments are not just the new normal, but the best way of doing business, given their reliability and convenience,” said Jane Larimer, Nacha President and CEO.
Related: How safe are ACH Payments?
Q1 ACH Highlights by the Numbers
- B2B ACH payments volume increased 35.5% compared to Q1 2020, before the pandemic shelter-in-place orders.
- Same Day ACH per payment limit increased to $1 million on March 18, 2022, contributing to a 53.3% increase in Same Day ACH dollar value
- The ACH network moved more than $18 trillion over 7.3 billion payments
“Adding 154 million payments in a single quarter, with additional value of $1.2 trillion, speaks to the strength of the ACH Network, as it meets the needs of consumers, businesses and governments to make and receive payments,” said Larimer.