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NACHA: Same-Day ACH Payments Totaled $5B in October

NACHA Talks Industry Readiness For Faster Payments

The Electronic Payments Association, NACHA, has released volume data tied to the first calendar month of same-day ACH transactions.

As has been reported, October marks the first full month of activity following the September 23 implementation of Phase I of the Same Day ACH movement, with an attendant goal of making payments faster. For the month, Same Day ACH was responsible for 3.8 million transactions, totaling $4.9 billion in payments volume. That matched its expectations for volume and value based on dialogues with industry stakeholders and also projected use cases, said NACHA. The statistics show that Same Day ACH has been emerging as a “ubiquitous U.S. faster payment option that supports marketplace demand,” said NACHA in a statement. Drilling down a bit into the numbers, NACHA said the greatest number of same-day payments occurred via direct deposit and through ACH transactions in use cases that spanned emergency payroll needs and pension payments. Direct deposit activity occurred across 1.9 million transactions, or 49 percent of the volume, and tied into $1.6 billion of value.

Separately, B2B transactions saw an uptake, making up as much as 36 percent of same-day volume, equating to 1.4 million same-day ACH payments and $1.6 billion in volume. Other payments subsets included 506,000 P2P transactions and 61,000 consumer-related bill payments.

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