In the conversation, Mike walks us through the state of ACH, insights on volume and growth, and new Nacha operating rules. Welcome to Payments On Fire, a podcast from Glenbrook Partners about the payments industry, how it works and trends in its evolution. Yvette, great to have you here. Great to be with you again.
Okay, Yvette. It was a lot of fun and it was very well attended. And, we are excited because that response encouraged us. And then, for those that prefer virtual, we are going to continue doing our virtual public bootcamps using Zoom. So, if you want to catch us there as well. So, getting into the weeds a little more. Yeah, cool. All right, Well good to hear. Mike, welcome to Payments on Fire. Yeah, good. But Nacha, the ACH network is the payment system that drives… Well safe and fast direct deposits and direct payments.
So, I almost want to say the most systemically… At least from a consumer point of view, the most systemically important payment system we have in the US. And, key to that is the fact that Nacha as an organization is a rulemaking body. I loved it when I saw it. And I think we crib that from you all. I think we use that on our own presentations now, ACH is hot.
But look, the last 10 years or so have really been a golden age of sorts for the ACH in terms of adoption and payment volume. Even before the recent pandemic era, annual ACH volume growth has been accelerating. Driven by things such as direct deposit, payroll, and other uses consumer bill payments, and account to account transfers, and also by business to business payments. And the vast majority of all that aid was provided through ACH.
And then, you add into that dramatic shift to remote work. And the corresponding dramatic shifts in choice of payment method due to the fact that no one was in person with each other anymore.
