HERNDON, Va., Nov. 13, 2017 /PRNewswire-USNewswire/ -- Use of Same Day ACH payments increased substantially in September and October 2017, according to data released today by NACHA—The Electronic Payments Association®. Same Day ACH payment volume grew to 10 million in October 2017, an increase of 140 percent over the August transaction volume of 4.1 million. More than $9 billion in value in Same Day ACH payments was transferred in October.
"Same Day ACH is a ubiquitous faster payments solution that has been in the marketplace for more than a year, benefitting financial institutions and their businesses and consumers that want an option to move payments faster," said Jane Larimer, chief operating officer and general counsel at NACHA. "With the introduction of Same Day ACH debits in September, the ACH Network now has both credits and debits as available faster payment options to meet the needs of the industry, and we look forward to seeing Same Day ACH grow in use and capability in the future."
Same Day ACH credit payments are primarily used for business-to-consumer payments, such as payroll payments and claims disbursements; business-to-business payments; and person-to-person transfers. Business and consumers have initiated 57 million Same Day ACH credits since their inception in September 2016; and the number of credit transactions grew 41 percent when just comparing the months of August 2017 to October 2017.
Same Day ACH debit capability went live on September 15, 2017. Through the first 6-plus weeks of processing, businesses have initiated more than 6 million Same Day ACH debits. Ninety-four percent have been for consumer payments, primarily bill payments and account transfers; and 6 percent for business-to-business payments.
An infographic detailing Same Day ACH credit and debit volume is available for download on the NACHA website. For more information about Same Day ACH and how others are leveraging this faster payments innovation, watch the video here and visit NACHA's Same Day ACH Resource Center at https://resourcecenter.nacha.org/.
About NACHA—The Electronic Payments Association
NACHA—The Electronic Payments Association is the steward of the ACH Network – one of the largest, safest and most reliable payment systems in the world. The ACH Network creates value and enables innovation by universally connecting all U.S. financial institutions, and moving money and information directly from one bank account to another. In 2016, there were 25 billion ACH payments made that moved $43 trillion. NACHA also brings together diverse organizations to develop rules and standards to benefit payments ecosystem participants, including Electronic Benefits Transfer (EBT) and healthcare Electronic Funds Transfer (EFT). By collaborating with other standards organizations and geographies, NACHA facilitates compatibility and integration with U.S. payments. Visit nacha.org for more information.
Contact: Kendra Beasley
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SOURCE NACHA - The Electronic Payments Association