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Same Day ACH exceeds expectations in volume, safety, adoption

Same Day ACH, the US's faster payments initiative, is meeting expectations in terms of volume, security and adoption by businesses of all sizes, according to a survey by NACHA.

The survey gathered views from 23 US financial institutions, which represent 63 per cent of the ACH Network origination volume. Same Day ACH was launched in September last year and in January NACHA announced figures for its first operation period (23 September-31 December 2016), showing that 13 million payments were processed, with a total value of $17 billion.

They survey showed that four out of five respondents expect to see steady growth in 2017. It also found that:

  • 90 per cent of respondents said the volume of origination services was the same or higher than expected
  • 83 per cent said the same about volume received.

Effective, beneficial and safe

NACHA stated that one of the most important findings of the survey was that “none of the respondents reported experiencing any increase in fraud due to Same Day ACH, whether as an originating or receiving financial institution”.

Janet Estep, president and CEO of NACHA, said: “We are encouraged by the results of this survey, which validates that Same Day ACH is an effective, beneficial and safe faster payments solution that is meeting and, in some cases exceeding, the expectations of its users.”

The next step for Same Day ACH is that, by 15 September 2017, financial institutions, processors and businesses should ensure they are prepared to receive and originate Same Day ACH debits.

This infographic highlights the survey results:

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