ACH Network Prepared to Deliver Economic Impact Payments to Americans Via Direct Deposit
March 12, 2021 / Source: NACHA
Statement from Nacha, the Administrator of the ACH Network, on the Passage of the American Rescue Plan Act
HERNDON, Va., March 11, 2021 – President Biden has signed into law the American Rescue Plan Act, which provides for direct payments to many Americans. These payments will largely be delivered electronically by Direct Deposit over the ACH Network. Following is a statement from Jane Larimer, President and CEO of Nacha, the organization that governs the ACH Network.
“Passage of the American Rescue Plan Act of 2021 into law provides relief for tens of millions of Americans. The ACH Network is ready to deliver these relief payments via Direct Deposit, with funds available to people on the day instructed by the IRS.
“Like the first two rounds of economic impact payments, the number of Direct Deposit payments could approach or exceed 100 million. The ACH Network is ready to deliver these payments, and other assistance such as unemployment benefits and child tax credits, by Direct Deposit.”
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. Nearly 27 billion ACH payments were made in 2020, valued at close to $62 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.