HERNDON, Va. (4/21/15)--Automated Clearing House (ACH) transactions grew to nearly 23 billion electronic payments in 2014, an increase of 5% (or 1 billion transactions) from 2013, according to NACHA-The Electronic Payments Association.
A total of more than $40 trillion was transferred over the ACH network last year, an increase of more than 3% compared with 2013.
NACHA announced its 2014 statistics last week, statistics that reflect a growing use of "native" electronic payments, meaning transactions that start and end as electronic. Native transactions rose 6.3% to 2014 from 2013 and constituted 90% of ACH network volume.
Online payments, which occur when authorization is provided on the Internet or wireless network, grew 10.2% in 2014. A total of 3.6 billion Web transactions were exchanged via the network last year, including 7.4 million Web credits that were person-to-person (P2P) payments.
NACHA also released data on its National System of Fines program, which evaluates parts of the payments system for rules violations, correcting them when they occur. In 2014, NACHA assessed fines in 148 cases, for a total of $369,000 in fines.
For 2014, the overall unauthorized debit return rate was 0.028% (less than three out of every 10,000 transactions), which NACHA described as "very low."