NACHA — The Electronic Payments Association announced Wednesday (July 25) that debit and credit transactions totaled more than 5.7 billion in the second quarter of 2018, a 6.2 percent increase from the second quarter of last year. In a press release, NACHA said the percentage increase represents one of its highest growth rates since 2008 and demonstrates that ACH payments, including Same Day ACH transactions, are being embraced by businesses and consumers around the globe.
“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 in the press release. “Another strong quarterly performance demonstrates how vital the ACH Network is to the U.S. economy.”
According to NACHA, there were more than 3.3 billion ACH debit and close to 2.4 billion ACH credit transactions made in the second quarter of this year. During the same period, Direct Deposit for payroll and other consumer disbursements represented the largest number of transactions at close to 1.7 billion, which is a 4.2 percent increase. NACHA also said that close to 1.5 billion internet transactions were made, representing a 14.3 percent increase; business-to-business (B2B) transactions totaled 889 million, up 8.6 percent; and person-to-person (P2P) transactions were more than 29 million.
“More people than ever before are enjoying the benefits of Same Day ACH,” Larimer added in the press release. “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.”
NACHA noted that as the ACH network continued to grow, so did the number and value of Same Day ACH transactions. In the second quarter of this year, there were close to 41 million Same Day ACH transactions, including 21 million credit and close to 20 million debit transactions. Compared to a year ago, when only credit payments were available for Same Day ACH, there were 11.9 million transactions. Overall, Same Day ACH payments volume in the second quarter of 2018 represents a 243 percent increase year over year, the firm said.