![]() ![]() New functionality for Citi ACH Control Total Verification enables users to submit the approved transaction totals (Total Debit Dollar Amount and Total Credit Dollar Amount for ACH Origination files) directly into the CitiDirect ® Online Banking portal. If the file values received by Citi do not match the approved transaction totals, Citi will notify you of the exception and work with you to resolve the discrepancy. If the file values received by Citi match the approved transaction totals, Citi will submit the file for straight-through processing. Using this feature, users can submit approved transaction totals which will be used to verify the ACH file totals on the file received by Citi. The top 50 receiving depository financial institutions received 11.1 billion ACH transactions, accounting for 57.4% of ACH network received volume.Citi's ACH Control Total Verification feature provides an alternative method of entering File Control Totals for ACH Origination. The top 50 originating depository financial institutions originated 16.8 billion ACH transactions, accounting for 87.0% of ACH network originated volume. ![]() P2P payments grew 670% to 57 million transactions. P2P payments, a web/online credit transaction, saw growth as well.In 2015, the network transferred 5.8 billion direct deposits, an increase of 200 million transactions over last yet. Direct deposit via ACH – a credit transaction – is the transfer of funds from a company or government agency into an individual's checking or savings account. Not only have B2B transaction categories grown, but so have transactions categories in which consumers serve as the recipient of the payment.Healthcare payments, a specific CCD transaction, grew to 208 million transactions, or 39%. CTX transactions grew by 7.2% and CCD transactions grew by 8.2%. In the B2B transaction categories, CTX and CCD, ACH volume saw substantial increases.While the volume of debit transactions demonstrates its importance and value to end users, end users are embracing credit transactions as well, with credits growing by more than 5% in 2015 to eight-billion transactions. In 2015, the network processed more than 11 billion debit transactions, which constitutes almost 60% of overall ACH network volume. NACHA noted a unique attribute of the ACH network is its ability to process both debit and credit transactions. With the advent of additional capabilities, such as person-to-person payments, which was implemented in March of 2014, and same day ACH, which will become available in September, we expect to see continued growth and advancement of the network and ACH payments.” “It is this flexibility and adaptability that has facilitated new payments capabilities to meet the evolving needs of end users, and ultimately contributed to the network’s consistent growth. Estep, president and CEO of NACHA, in a statement. ![]() “The ACH network is a unique payments system providing for robust versatility with its inherent ability to process credit and debit transactions, payments and information together, domestic and international transactions, and more,” said Janet O. This increase marks the second consecutive year in which ACH payments grew by more than 1 billion, NACHA reported, adding that more than $41.6 trillion was transferred over the ACH network last year, increasing 4% compared to 2014. – In 2015, ACH transaction volume grew to more than 24 billion electronic payments, an increase of 1.3 billion payments or 5.6%, over 2014 volume, according to new statistics released by NACHA-The Electronic Payments Association.
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