Payroll, Bill Payment and B2B Payments Are Significant Use Cases
HERNDON, Va., Jan. 11, 2018 /PRNewswire-USNewswire/ — Same Day ACH debit and credit transactions totaled 15.2 million in December, an increase of 51 percent over November’s volume, according to data released today by NACHA—The Electronic Payments Association®. The significant increase in Same Day ACH transactions from November to December is just the latest in a long line of indicators demonstrating the widespread interest in and adoption of this faster payment method.
“Financial institutions, businesses and consumers are reaping the benefits of Same Day ACH,” said Jane Larimer, chief operating officer of NACHA. “Same Day ACH is now a reality for payroll, bill payment, business-to-business (B2B) payments, account transfers, and many other applications.”
Overall in 2017, the total number of Same Day ACH transactions reached 75.1 million. These payments add up to $87.1 billion dollars transferred using Same Day ACH, an average of $1,161 per payment.
The rapid growth of Same Day ACH payments in 2017 sets the stage for an even stronger 2018, with the implementation of the third phase of Same Day ACH on March 16. As of this date, funds from Same Day ACH credits must be made available to account holders by 5 p.m. local time. With the widespread usage of Same Day ACH, NACHA is continuing to work with the industry to enhance this faster payment method.
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.