The ACH Recorded 9% Growth in the September Quarter Even Though Covid Aid Trailed off
The nation’s automated clearing house network surged again in the September quarter, even with a waning of federal-assistance payments. Volume grew by double-digit percentage increases in most major categories as the network handled 6.8 billion transactions overall, up 9%, Nacha reported Tuesday. Nacha is the governing body for the network, which connects virtually every financial institution in the country.
The third-quarter increase in total volume exceeded even the 7.9% growth registered in the June quarter, some of which was due to the use of the network to distribute federal relief in the wake of the Covid-19 pandemic.