HERNDON, Va., Nov. 15, 2016 /PRNewswire/ -- NACHA —The Electronic Payments Association®, the steward and rule maker of the ACH Network, today released Same Day ACH transaction volume data for October, the first calendar month following Phase 1 implementation on Sept. 23, 2016.
Same Day ACH, an industry initiative to move payments faster, was responsible for 3.8 million transactions in October, totaling $4.98 billion with an average transaction amount of $1,303. This data shows strong use of Same Day ACH and is consistent with NACHA's expectations based on anticipated use cases and industry dialogue. It also demonstrates how Same Day ACH serves as a new ubiquitous U.S. faster payment option that supports marketplace demands.
"From financial institutions to businesses to consumers, the robust use of Same Day ACH in October confirms the value this faster payment offering can bring to all ACH Network users," said Janet O. Estep, president and CEO of NACHA. "Initial volume is also a testament to the work financial institutions, businesses, processors, and other network stakeholders did in preparing for this transformative initiative."
Additional data and usage information from October, also available via our Same Day ACH volume infographic, includes:
- The greatest number of Same Day ACH payments were Direct Deposit via ACH transactions, including uses such as emergency payroll and pension payments. These transactions made up 49 percent of Same Day ACH volume, and amounted to 1.9 million transactions totaling $1.6 billion.
- Business-to-business payments also saw significant Same Day ACH use, with these transactions making up 36 percent of Same Day ACH volume. In total, there were 1.4 million Same Day ACH business-to-business payments that totaled $2.8 billion.
- Additionally, there were 506,000 same-day person-to-person payments and 61,000 consumer bill payments.
NACHA encourages financial institutions, processors and businesses to be prepared to both receive and originate Same Day ACH debits, which becomes effective Sept. 15, 2017, by accessing Same Day ACH educational resources at https://resourcecenter.nacha.org/ and performing adequate testing with stakeholders.
About NACHA—The Electronic Payments Association
Since 1974, NACHA–The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S by moving money and information directly from one bank account to another. Financial institutions exchange 24 billion ACH payments valued at $41 trillion annually. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA's expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.
Contact: Kendra Beasley
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SOURCE NACHA - The Electronic Payments Association