Q2 of 2017 saw growth as high as 6% in the realm of the ACH Network. Read the article, below, for insight into the recent growth of Direct Deposits and Direct Payments.
In Q2 2017, the ACH Network transferred 5.3 billion Direct Deposits and Direct Payments, up 5.8 percent over Q2 2016. In value, the Network moved $11.6 trillion, an increase of 7 percent over the second quarter of 2016.
This quarter, native electronic payments grew 7.4 percent, while check-initiated payments continued its decline in use, decreasing 10.5 percent. WEB transactions also continue to climb, as do Direct Deposits and business-to-business (B2B) payments.
In Q2 2017, there were 1.3 billion WEB transactions, an increase of more than 13 percent over Q2 2016. Both WEB credits and WEB debits saw significant gains, with WEB credits, or person-to-person (P2P) payments, growing 19.7 percent over the same period last year to 23.7 million transactions, and WEB debits growing 13.2 percent. WEB transactions and their share of overall ACH Network volume continues to grow, now accounting for 24 percent of Network volume. WEB is the second largest Network transaction type by volume, behind PPD, which makes up roughly 50 percent of overall Network volume.
Direct Deposits, or PPD credits, saw growth in Q2 2017. These transactions grew 6.3 percent to 1.6 billion transactions. Direct Deposits make up 30.2 percent of overall Network volume.