There are two automated clearing house networks in the U.S.— the Federal Reserve’s FedACH service and the Electronic Payments Network (EPN) business of The Clearing House Payments Company. The monetary value of items handled by the FedACH and the EPN, commercial, consumer and government payments combined, totaled $72.600 trillion in 2021, an increase of 17.4% over 2020. In addition to ACH business handled by the FedACH and the EPN, financial institutions process “on-us” transactions when they own both the deposit account of the payer and the recipient. On-us transactions would add a...