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Foiurth quarter 2008 ACH payments grew by 4.5 percent over the same period in 2007, topping 3.8 billion, according to statistics released by NACHA – The Electronic Payments Association.
Internet-initiated ACH payments (known as “WEB” entries) experienced robust growth, increasing 16.5 percent over 4th quarter 2007 volumes. Strong growth also occurred with certain business-to-business payments (known as “CTX” entries) in which remittance information is exchanged electronically.
“The continued growth of ACH transactions during a period of intense economic pressures speaks to the fundamental value that financial institutions, businesses, governments, and consumers recognize in the ACH Network,” said Janet O. Estep, NACHA president and chief executive officer. “The inherent safety, security, and efficiency of the ACH Network are resonating, as seen through the growth in specific market segments.”
The newest check conversion transaction – back-office conversion (known as “BOC”) - grew to over 39 million payments in 4th quarter 2008, from 3 million payments a year ago, as several national retailers are implementing BOC programs. BOC volume increased 49 percent from 3rd to 4th quarter 2008. Other ACH payment types tied directly to consumer check writing have leveled off as the use of checks continues to decline.
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