· During the third quarter of 2022, the Automated ClearingHouse(ACH)payment network processed 7.6 billion transactions
representing $19.2tn in value. P2P ACH payments grew 10% YoYto 2.4 billion in Q3 as ACH payments become increasingly secure
· Open banking has catalysed the adoption of ACH paymentsas it enables individuals to share financial data between trusted
parties and facilitate payments directly from the user’s bank account with improved speeds and without the need for a card
· ACH payments are typically inexpensive as they remove cardprocessing fees and take the pain out of recurring payments for
consumers. Popular use cases include utilities payments, rent, pension payments from the govemment and insurance
· For merchants, the Pay by Bank value proposition includes autornated consumer onboarding, via open banking, and streamlined payment reconciliation. Additionally, Pay by Bank leverages the bank’s payment authentication network to improve security and lowers customer data storage costs since cards are notrequired and the payment is made account-to-account
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