ACH’s Governing Organization Adds Virtual Payments Network Creator to Group Shaping the Industry’s Future
Stronghold, a financial technology infrastructure company, announced today it has joined Nacha’s Payments Innovation Alliance. This influential group of payments industry participants supports advancements across the Automated Clearinghouse (ACH) network within the US and worldwide. The Alliance collaborates with Nacha, the ACH network’s governing organization, and other members to drive and guide innovation through discussion, education, task forces, resource sharing, and special initiatives.
Stronghold’s mission to provide fast, secure, and accessible financial services for all aligns with the Alliance’s focus on removing barriers as the industry evolves. Stronghold’s virtual payment network ecosystem, StrongholdNET, enables interoperability between existing and emerging payments technology.
“Increasing access to the ACH network has been a significant factor in Stronghold’s early growth and success,” said Tammy Camp, CEO and co-founder of Stronghold. “We welcome the opportunity to work with a diverse range of payments stakeholders towards our vision of building a more inclusive, stable, and connected global economy.”
The ACH network is used across the United States to process billions of payments a year and is by far the dominant payment rail in the United States. According to the Federal Reserve’s 2019 Payments Study, from 2015 to 2018 the number of ACH payments grew by 6 percent and the value of these payments grew by 7.2 percent, making ACH one of the fastest growing payment rails in the United States (source). According to Nacha, in 2019 alone the ACH Network processed 24.7 billion payments, with the total value of these payments exceeding $55.8 trillion (source). In the second quarter of 2021, the ACH Network processed 7.3 billion payments in the second quarter (amounting to 655 million more than the same time in 2020). The value of those payments was $18.4 trillion, an increase of 24.6% from a year earlier. B2B payments have also increased 28.7%, to 1.3 billion payments (source).