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:
Figures show US has embraced same-day ACH
Same-day ACH payments in the US saw a 'strong performance' in the first three months of operations, according to NACHA
USA: nearly 4 million same day ACH payments (~$5 billion) in first month
Greatest number of Same Day ACH payments were direct deposit via ACH transactions, including uses such as emergency payroll and pension payments, and business-to-business taking 36%. Consumer bill payments 2%
Immediate/Faster Payments solutions rolling out world-wide
Fundtech estimate that 50-100 countries to implement immediate payments systems in next 10-20 years