Same-day ACH payments in the US saw a 'strong performance' in the first three months of operations, according to the Electronic Payments Association (NACHA). The same-day processing service for ACH credit transactions went live in September 2016 and, during its initial operating period of 23 September up until 31 December, more than 13 million payments were processed, with a total value of $17 billion and an average transaction value of $1,283.

NACHA announced that:

• Direct deposit made up 52 per cent of the Same Day ACH volume with 6.8 million transactions worth a total of $5.9 billion. These transactions typically include emergency payroll and pension payments.
• Business-to-business payments made up 32 per cent of Same Day ACH volume with 4.1 million transactions with a total value of $8.8 billion.
• Person to person payments accounted for 1.8 million transactions worth a total of $1.2 billion.
• Consumer bill payments accounted for almost 250,000 transactions that amounted to $733 million.

NACHA also reminded financial institutions, processors and businesses to prepare for phase two, which will introduce Same Day ACH for debit transactions, from 15 September 2017.

See the infographic below for more detail about the first three months of the same-day ACH service:

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CTMfile take: B2B payments make up 53 per cent of the value of the same-day ACH payments, which shows this payment service is popular with corporates. If the $25,000 limit on transactions is lifted, US corporates would be even more like to use this channel.