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What is the ACH Network?
The ACH Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by NACHA (National Automated Clearing House Association) operating rules. The ACH system provides for the inter-bank clearing of electronic payments for participating depository financial institutions. ACH Payments Include:
The ACH Network is currently utilized by over 115 million consumers, 4 million businesses and is accepted by over 12,000 financial institutions. The number of e-check payments exceeded 208 million in 2nd quarter 2004, a 791 percent increase over the previous year. This was the first quarter that e-check payments exceeded the number of paper check payments.
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