Growth of the ACH Network highlights the demand for faster payments
SAN FRANCISCO–(BUSINESS WIRE)–#ACH–With the release of Nacha’s Top 50 financial institution ACH originators for 2021, Wells Fargo was confirmed as the top payment originator by volume on the Automated Clearing House (ACH) Network for the tenth consecutive year*. ACH payments are electronic, bank-to-bank money transfers processed through the ACH Network for consumers, businesses, and federal, state, and local governments.
In 2021, Wells Fargo originated over 7.7 billion ACH payments, which accounts for over 26% of the 29.1 billion payments sent across the ACH Network, valued at close to $73 trillion. The overall payment volume on the ACH Network grew 8.8% from 2020*. “Wells Fargo has led ACH origination for the past decade,” said Jane Larimer, CEO of Nacha. “They have been instrumental in supporting the growth of ACH as a premier payment mechanism.”
“The growth in the ACH Network shows the demand from businesses of all sizes to move towards faster payment methods that help companies maximize working capital and meet the expectations of suppliers, partners, and customers for fast, frictionless payments,” said Paul Camp, head of Global Treasury Management for Wells Fargo. “Our leadership in ACH is a demonstration of how we partner with our clients to meet them where they are in their digital transformations.”
Wells Fargo supports a variety of faster payment methods for commercial and consumer use, including Same Day ACH, real-time payments through the RTP® network, Zelle®, Push to Card, and the FedNowsm instant payment service from the Federal Reserve which will launch in 2023.
“Wells Fargo invests in technology, operations, and infrastructure to ensure we meet the needs and desires of the communities and clients we support. We are proud that so many businesses and consumers trust us with their money movement,” said Ulrike Guigui, Wells Fargo’s Head of Payments Strategy.
Wells Fargo offers clients a variety of convenient, safe, and reliable methods to originate payments over the ACH Network, including innovative tools like the Wells Fargo Developer Gateway portal which enables clients to easily integrate API solutions into their own systems. “We are firmly committed to ACH technology as part of our faster payments infrastructure and a key driver of payment transformation for our clients,” said Guigui.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. More than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
*Historical data provided by Nacha
News Release Category: WF-PS