NACHA, the electronic payment association, announced news on Thursday (Jan. 11) that same-day ACH debit and credit transactions hit 15.2 million in December, marking a 51 percent month-over-month increase.
In a press release, NACHA said that overall in 2017, the total number of same-day ACH transactions reached 75.1 million, with the payments adding up to $87.1 billion transfered. Its an average of $1,161 per payment, NACHA said.
“Financial institutions, businesses and consumers are reaping the benefits of Same Day ACH,” said Jane Larimer, chief operating officer of NACHA, in the press release. “Same Day ACH is now a reality for payroll, bill payment, business-to-business (B2B) payments, account transfers and many other applications.”
Same-day ACH debit transactions, which were available as of Sept. 2017, are also having a strong showing, NACHA said, noting that in a few months, there were 18.3 million same-day ACH debits totaling $14.5 billion in value. Consumer bill payments and account-to-account debits make up 92 percent of the debit volume, with the remainder coming from business-to-business payments. Same-day ACH credits, which have been available since Sept. 2016, have increased by 47 percent in the fourth quarter of 2017.
In November, NACHA revealed news that B2B payments company Bottomline Technologies become its newest partner. In an announcement at the time, NACHA said Bottomline Technologies Paymode-X has been chosen as its Preferred Partner for Business-to-Business Payments. Preferred Partners are collaborators that work with NACHA on payments innovation and the exploration of removing friction in ACH payments, NACHA explained.
“We are pleased to introduce Bottomline Technologies as our Preferred Partner,” said Larimer in a statement. “The world of payments is evolving. Payments are moving faster and are increasingly electronic.”
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