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April 15, 2021

On the wires

ACH Network Volume Rises 11.2% in First Quarter As Two Records Are Set | Nacha

“The modern ACH Network saw volume soar in the first quarter of 2021, setting two new records in the process. Quarterly volume of 7.1 billion payments was an increase of 11.2% from the same period in 2020. The value of those payments was $17.3 trillion, reflecting a nearly 19% increase from a year earlier. The first new record was set in February, when ACH volume averaged more than 118 million payments per day, the ACH Network’s highest daily average for a month.  The second was in March, when ACH volume hit 2.7 billion payments, the largest monthly volume in ACH Network history. This included approximately 110 million economic impact payments by Direct Deposit from the federal government.”

April 12, 2021

On the web

Trustly CEO Hints at Dual U.S. Listing After Stockholm IPO


Trustly Group AB ’s plan to raise almost $1 billion through an initial public offering in Stockholm may be followed by a second listing in New York, according to its chief executive. Oscar Berglund, the CEO of the Swedish digital payment firm, says the U.S. is turning into its biggest growth market. For that reason, Trustly may well target a dual listing that moves its investor base closer to where business is booming, he said in an interview with Bloomberg Television’s Anna Edwards.”

April 9, 2021

On the web

Orum Raises $21 Million To Speed Up Bank Payments From Five Days To One


“Kirkpatrick started Orum because so much money moves slowly, but some transactions settle quickly. Punch in your credit card online or swipe it at a store, and a retailer knows almost instantly whether it went through. Card networks are fast, but also expensive—retailers cough up 2% of their sales when they accept cards. By contrast, anything transferred over the Automated Clearing House (ACH) network, such as your paycheck, automated bill payments and bank transfers, often costs just $0.30 but takes up to five days. ACH launched in 1974 and is run by Nacha, a nonprofit association funded by financial institutions.  In addition to being slow, ACH carries very little data. When someone signs up for Chime and requests to transfer $2,000 from her Wells Fargo account, Chime initially has little information to judge whether this person actually has $2,000 in her Wells Fargo account. So it waits for the transaction to settle to fund the new account.”

April 5, 2021

Top Post

Same Day ACH Payment Limit to Increase to $1 Million | Nacha

“Same Day ACH payments will be further enhanced with a new $1 million per transaction limit. Nacha members approved a measure to increase the per-payment maximum from the current $100,000 to $1 million effective March 18, 2022. It will apply to all eligible Same Day ACH payments, including credits and debits for both businesses and consumers…The $1 million limit will be beneficial for many types of payments, from insurance claim payments and payroll funding, to business-to-business and tax payments, and many more.”

March 30, 2021

On the wires

Nacha Releases the 2020 Top 50 Financial Institution ACH Originators and Receivers | Nacha

“Nacha today released its Top 50 rankings of financial institution originators and receivers of ACH payments for 2020. The Top 50 originating financial institutions handled ACH volume of almost 23.1 billion payments last year, an increase of nearly 8.6% over 2019. They accounted for 92.7% of total commercial payments volume on the ACH Network. Among receiving financial institutions, the Top 50 recorded ACH payment volume of 16.4 billion. That’s a nearly 11% increase from 2020, with those on the list accounting for 61.2% of total ACH Network volume, including payments received from the federal government.”

March 22, 2021

On the wires

The ACH Network Marks the Successful Expansion of Same Day ACH | Nacha

“Nacha, The Clearing House and The Federal Reserve—collectively comprising the infrastructure of the ACH Network—announce the successful expansion of Same Day ACH. On March 19, 2021, the operating hours of Same Day ACH were extended through the establishment of a third daily opportunity to clear and settle Same Day ACH payments. Now, Same Day ACH payments can be submitted by financial institutions to their ACH Operator until 4:45 p.m. ET, with settlement of funds occurring at 6 p.m. ET. With this expansion, the ACH Network now settles payments four times each business day.”

March 17, 2021

On the wires

Class Action Alleges Bank of America Tricks Accountholders Into Paying Fees for ‘Free’ ACH Transfer Service

“A proposed class action alleges Bank of America (BofA) has misled accountholders into paying automated clearinghouse (ACH) transfer fees for a service that’s otherwise free when sending money to authorized payees.  The 19-page lawsuit claims Bank of America has exploited its informational advantage as a major financial institution and consumers’ unsophistication with regard to complicated financial mechanisms by misrepresenting and obscuring the truth about the National Automated Clearinghouse (NACHA) system, a complex system the case describes as operating “invisibly in the background of much of the nation’s electronic activity.” The complaint alleges that while any transfer made over the NACHA system can, in truth, be made for free, Bank of America nevertheless charges accountholders $3 or $10 ACH transfer fees.”

March 11, 2021

On the wires

ACH Network Prepared to Deliver Economic Impact Payments to Americans Via Direct Deposit | Nacha

“President Biden has signed into law the American Rescue Plan Act, which provides for direct payments to many Americans. These payments will largely be delivered electronically by Direct Deposit over the ACH Network. Following is a statement from Jane Larimer, President and CEO of Nacha, the organization that governs the ACH Network. “Passage of the American Rescue Plan Act of 2021 into law provides relief for tens of millions of Americans. The ACH Network is ready to deliver these relief payments via Direct Deposit, with funds available to people on the day instructed by the IRS.”

March 10, 2021

On the wires

Veem Releases New Product Package – Veem Local – Now Offering Free Domestic Payments for Small Businesses

Veem , a leading provider of online payment solutions, today announced the launch of Veem Local — a new product package offering that provides a no-fee domestic payment product, including ACH and check payment options for small businesses. As many SMBs continue to face economic stress and uncertainty, the company’s latest offering aims to give back value to small business owners.”

March 8, 2021

On the web

As Its ACH Traffic Climbs Rapidly, Paya Manages a ‘Very Strong’ M&A Pipeline

Digital Transactions

“Payments on the automated clearing house network  have been gliding upward for some time, allowing processors that handle ACH volume to tap into that growth. On Monday, Paya Holdings Inc. showed it’s among the beneficiaries. ACH volume for Atlanta-based Paya reached $3.5 billion in last year’s fourth quarter, up fully 46% from the first quarter, the company reported. That means ACH business now accounts for nearly 40% of Paya’s volume, up from a 32% share in the first quarter of 2020. Card activity, at $5.7 billion, made up the remainder of the company’s $9.2 billion in total dollar volume for the December quarter.”

February 10, 2021

On the wires

Nacha Mulls Same-Day ACH Limit Increases to $1 Million and Above

“After receiving enthusiastic responses to last year’s same-day ACH limit increase, the National Automated Clearing House Association (Nacha) has proposed layering in major limit increases over the next three years that would enable corporates to speed up a wide variety of debits and credits. The proposal was issued December 7 and received 107 industry comments from financial institutions and industry associations by the January 22, 2021 deadline. Nacha may approve a proposal by the end of the second quarter.”

February 4, 2021

Top Post

ACH Network Sees Record Growth in 2020 to 26.8 Billion Payments | Nacha

“Payment volume on the ACH Network experienced record growth in 2020 as the pandemic accelerated the nation’s shift to electronic payments. The 26.8 billion payments made on the ACH Network in 2020 is an increase of 8.2% over 2019, while the value of those payments, $61.9 trillion, is up 10.8%. A record of more than 2 billion new payments were added in 2020, and the growth rate is the highest since 2007. The 2020 results also mark the sixth consecutive year in which payment volume climbed by more than one billion, and the eighth year in a row with a value increase of more than $1 trillion.”

January 21, 2021

On the wires

ACH Network Volume Climbs 8.9% in Fourth Quarter | Nacha

“Strong growth continued on the ACH Network in the final quarter of 2020, with 7 billion payments made, an increase of nearly 9% from a year earlier. Combined with data on check payments, the results show the dramatic impact of the pandemic on the use of payments by Americans, businesses and government agencies compared to a year ago, before the pandemic had significantly impacted the U.S. economy.”

December 23, 2020

On the wires

Nacha Launches DirectDeposit.org | Nacha

“Direct Deposit is one of those things that’s easy to take for granted. Yet, like clockwork, it delivers employees’ pay as well as Social Security and veterans’ benefits. To help consumers better understand how it’s used every day, Nacha recently launched directdeposit.org .  The site is designed to educate consumers about ACH payments, which are often called Direct Deposit, Direct Payment, direct debit, electronic funds transfer (EFT), or electronic check (eCheck). No matter the name, consumers benefit from its speed, security and ease of use.”

November 20, 2020

On the wires

November 10, 2020

On the wires

Mazooma partners with Plaid for igaming and sports wagering payments

“Mazooma, a gaming industry leader for more than 15 years, has partnered with Plaid , a financial data network powering thousands of digital apps and services, to bring an Instant Bank Transfer payment solution to igaming and sports wagering operators in certain regulated U.S. states. The offering is now available for deposits and withdrawals on BetMGM’s cashier with Borgata and Party Poker going live in the coming weeks.”

November 9, 2020

On the web

November 5, 2020

On the wires

Nacha Announces Tempus Technologies as an ACH Payment Facilitator Preferred Partner

“Tempus Technologies is now a Nacha ACH Payment Facilitator Preferred Partner. In becoming a Preferred Partner, Tempus Technologies joins a select group of innovators that Nacha recognizes for offering products and services that align with Nacha’s core strategies to advance the ACH Network…For more than three decades, Tempus Technologies has earned a reputation for developing point-of-sale payment integration technology and software solutions to meet the growing business requirements of its customers.”

November 2, 2020

On the wires

Nacha Adds Nivelo to Phixius Early Adopter Program

Nacha welcomes Nivelo to its growing list of partners– including Visa – who have signed up as an early adopter of Phixius, a payment-information exchange platform that helps organizations more securely share and manage electronic payments information.

October 20, 2020

On the wires

ACH Network Volume Increases 9% in Third Quarter, as Commercial Payments Volume Rebounds

“The ACH Network had exceptionally strong growth in the third quarter of 2020, with a resurgence of commercial volume even as some government assistance payments have largely concluded. Volume on the ACH Network totaled 6.8 billion payments in the third quarter, a 9% increase from the same period in 2019. The value of those payments, $15.9 trillion, reflects a 13.1% increase. With one additional banking day in the third quarter of 2020 compared to the third quarter of 2019, ACH Network volume compared on a per-day basis increased by 7.3%.”

October 6, 2020

On the web

Nivelo Nabs $2.5M Seed to Reduce Risk in Digital ACH Payments


“As we plunge deeper into the pandemic, online transactions have become increasingly important, and ACH transactions, the ones that help us get direct deposit of our paychecks or pay our bills, are growing ever more essential. Nivelo , an early-stage startup from a former JP Morgan executive, wants to take the risk out of ACH transactions; today the company announced a $2.5 million seed investment, which closed in mid-August.”

October 2, 2020

On the wires

Nacha Adopts Rules for the Ongoing Modernization of ACH Payments

“Nacha has approved eight new amendments to the Nacha Operating Rules governing the use of ACH payments. Many of the changes reflect a long-term strategy to modernize the ACH system, both through infrastructure improvements such as Same Day ACH; and making ACH payments easier to use for the country’s consumers, businesses and other organizations. Most significantly, two of the rules provide businesses, financial institutions, payment providers and technology companies with a framework for authorizing consumer ACH payments that can be applied to the myriad of new channels and technologies that consumers are adopting to interact and transact with businesses.”

August 11, 2020

On the wires

Vesta Integrates with Plaid to Introduce Guaranteed ACH Payments

Vesta , a fintech pioneer in fraud protection and fully guaranteed payment technologies, has integrated with Plaid, a data network powering the digital tools that millions of people rely on to improve their financial lives, to launch Guaranteed ACH, a payment solution that enables online automated clearing house (ACH) payments and reduces fraud and fees incurred from nonsufficient funds.”

July 30, 2020

On the wires

July 16, 2020

On the wires

ACH Network Supports Americans and the Economy During Time of Need

“The reliability and value of the ACH Network to the nation was clear in the second quarter of 2020. ACH payment volume growth of 7.9%, compared to the same period a year ago, reflects the use of the ACH Network to deliver economic assistance to individuals and businesses, as well as an acceleration in the shift from paying by paper check to paying electronically.”

July 1, 2020

On the web

June 10, 2020

On the web

BlackRock backs Trustly, bank transfer payments platform now valued at over $1B


“Online payments are often synonymous with card payments, but today a startup that’s built a profitable alternative, based around making and taking payments by way of a bank transfer, is announcing a round of funding amid a surge of growth. Trustly , a startup from Sweden that has built a platform to make it as easy (and competitive) for merchants to accept bank transfers as it is to take card payments to complete online transactions, is today announcing that it has raised a significant round of funding from a group of investors led by BlackRock.”

April 9, 2020

On the wires

Nacha Reports ACH Network Growth of 7.1% in First Quarter 2020; Expects Slowdown Due to COVID-19 | Nacha

“The ACH Network opened 2020 with a strong first quarter, as the number of payments rose 7.1% from a year earlier. The results were driven primarily through robust growth occurring prior to the slowdown of economic activity due to COVID-19. ‘While ACH results for the entire first quarter are positive, the current coronavirus national emergency is already impacting payment system volumes, including the ACH,’ said Jane Larimer, Nacha President and CEO.  For the second half of March, there was a slowdown in payments volume. That includes ACH, where the slowdown in economic activity has affected the volume of payroll payments, bill payments, and supply chain payments. This situation is likely to continue through the second quarter.”

February 3, 2020

On the wires

January 31, 2020

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