HERNDON, Va., July 25, 2018 /PRNewswire/ -- ACH debit and credit transactions totaled more than 5.7 billion in the second quarter of 2018, a 6.2 percent increase when compared to Q2 2017, according to NACHA—The Electronic Payments Association®. This percentage increase represents one of the highest growth rates since 2008. The strong quarterly performance demonstrates that ACH payments, including Same Day ACH transactions, are being embraced by businesses and consumers alike.
There were more than 3.3 billion ACH debit and nearly 2.4 billion ACH credit transactions made in the second quarter of 2018. During this same period, Direct Deposit for payroll and other consumer disbursement represented the largest number of transactions at nearly 1.7 billion, a 4.2 percent increase; nearly 1.5 billion internet transactions were made, representing a 14.3 percent increase; business-to-business transactions totaled 889 million, up 8.6 percent; and person-to-person transactions were more than 29 million.
"The ACH Network provides substantial value to everyone who sends or receives payments, including businesses, consumers, governments and financial institutions," said Jane Larimer, chief operating officer of NACHA. "Another strong quarterly performance demonstrates how vital the ACH Network is to the U.S. economy."
As the ACH Network continued to grow, so did the volume and value of Same Day ACH transactions. In the second quarter of 2018, there were nearly 41 million Same Day ACH transactions, including 21 million credit and nearly 20 million debit transactions. Compared to the same time period in 2017, when there were only credit payments available, there were 11.9 million transactions (Same Day ACH credits have been available since September 2016 and Same Day ACH debits went live in September 2017). Overall, Same Day ACH payments volume in the second quarter of 2018 represents a 243 percent increase year-over-year.
"More people than ever before are enjoying the benefits of Same Day ACH," Larimer continued. "As the adoption of Same Day ACH continues to grow, NACHA will seek to continue to expand the capabilities of Same Day ACH and the ACH Network."
About NACHA—The Electronic Payments Association
NACHA—The Electronic Payments Association is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable electronic payments and financial data exchange within the U.S. and across geographies. Through development of rules, standards, governance, education, advocacy, and in support of innovation, NACHA's efforts benefit the providers and users of those systems. NACHA leads groups focused on API standardization, authors the Quest Operating Rules for EBT and is also the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2017, there was a total of nearly 26 billion ACH transactions. Of these, 21.5 billion ACH payments valued at $47 trillion moved across the ACH Network, and more than 4 billion were on-us transactions within financial institutions. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.
SOURCE NACHA - The Electronic Payments Association