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2020 Marks Record Year for ACH Growth, Despite Pandemic

by Catalyst Corporate | Feb 16, 2021

According to Nacha, ACH Network growth reached a record high in 2020 – a total of 26.8 billion ACH transactions, an 8.2 percent increase over 2019. Catalyst Corporate was among the contributing institutions, with almost a 7.5 percent increase from 2019 to 2020.

What does this mean to the payments industry as a whole? Despite an ever-evolving market and the ongoing push toward electronic payment solutions, ACH isn’t going away soon. In fact, “a record of more than two billion new payments were added in 2020, and the growth rate is the highest since 2007,” according to a recent Nacha article.  

Additionally, the source reports: “Adoption of Same Day ACH continued to spread throughout the industry in 2020, with payment volume rising 39 percent to 347 million.”

“Ongoing adoption shows that Same Day ACH is a significant contributor to meeting the nation’s demand for faster payments,” said Jane Larimer, Nacha President and CEO. “The expansion of Same Day ACH continues on March 19, 2021. The ACH Network will extend the hours for submitting Same Day ACH payments, and financial institutions will provide same day funds availability for these new Same Day ACH payments.”

With the number of ACH transactions on the rise, credit unions may want to consider transitioning to a more intuitive ACH solution to streamline operations and support member demand.

Catalyst Corporate’s robust new ACH platform – ACHOne – offers credit unions a single source for all their ACH needs, including origination, receipt, returns and Same Day transactions. This state-of-the-art system is packed with innovative features and benefits including:

  • User-friendly import and export capabilities
  • Step-by-step “wizard” guidance for easy transaction and template entry
  • Expansive data archive with up to six years of transaction history

Credit unions also have access to six additional modules to help take their ACH operations to the next level.

The ACHOne optional modules include:

  • Active archive
  • Warehousing
  • Credit risk monitoring
  • Domestic OFAC checking
  • International OFAC checking
  • Anomaly detection

To learn more about ACHOne, or any of the optional modules listed above, contact us today.