Same Day ACH Picks up Steam in 2017

Same Day ACH payments are on the rise, according to NACHA–the Electronic Payments Association. Same Day ACH debits and credits increased by 51% from November to December, said NACHA in a release this week. Such transactions totaled more than 15 million last month.

“Financial institutions, businesses and consumers are reaping the benefits of Same Day ACH,” said NACHA Chief Operating Officer Jane Larimer in the release. “Same Day ACH is now a reality for payroll, bill payment, business-to-business (B2B) payments, account transfers and many other applications.”

Last year, there were over 75 million Same Day ACH transactions valued at more than $87 billion. It was an average of over $1,160 per transaction. Debit transactions have only been available since September, but in just several months, there were more than 18 million Same Day ACH debits, totaling $14.5 billion. However, only 8% of the debits were B2B payments. B2B debit transactions were valued at $2.3 billion, or 16% of the total debit value.

Same Day ACH credits are a different story. A third of credit transactions—nearly 19 million—were B2B. Just under half of the credit volume, at more than $35 billion, was B2B.

“The rapid growth of Same Day ACH payments in 2017 sets the stage for an even stronger 2018, with the implementation of the third phase of Same Day ACH on March 16,” said NACHA. The third phase is designed to make payments even faster and make funds available sooner.

—Michael Miller associate editor

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