The volume of Same Day ACH payments more than doubled over the past two months to 10 million in October 2017, compared to a transaction volume of 4.1 million in August. Nacha – The US's electronic payments association said that more than $9 billion in value was transferred through Same Day ACH in October.
The Same Day ACH debits were introduced in the US in September this year and businesses have so far initiated more than 6 million Same Day ACH debits (94 per cent of which were consumer payments, primarily bill payments and account transfers). Same Day ACH credit payments were introduced in the US in September 2016 and since then business and consumers have initiated 57 million same-day credit payments.
Nacha's Jane Larimer commented: “With the introduction of Same Day ACH debits in September, the ACH Network now has both credits and debits as available faster payments options to meet the needs of the industry, and we look forward to seeing Same Day ACH grow in use and capability in the future.”
The infographic below shows how Same Day ACH payments have increased:
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