Almost 2 million debit payments were made during the first 11 processing days of newly implemented Same Day ACH system in the US, equating to an average of more than 178,000 transactions for each processing day. This is according to NACHA/The Electronic Payments Association, which has released transaction volume data for 15-30 September 2017. The estimated total value of the initial transactions was nearly $1.5 billion, with an average of $650 per payment. The data also shows that the majority – 94 per cent – of transactions were consumer-to-business debits, with business-to-business payments making up the remaining payments.

NACHA's Jane Larimer said: “We are pleased with the initial transaction volume and value data for Same Day ACH debit transactions. These numbers suggest that this faster payments option that enables same-day processing of virtually any ACH payment will meet the growing demand to move money and information more quickly.”

Same Day ACH for debits was launched on 15 September this year, following on the from launch of Same Day ACH for credit payments in September 2016. Total Same Day ACH volume for both debits and credits is now up to nearly 40 million transactions in 2017. See NACHA's infographic below on the progress made by Same Day ACH for debit payments.

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CTMfile take: It would be interesting to know why only 6 per cent of the Same Day ACH debit payments were B2B - will businesses embrace faster payments more in future?