The results are in.
The Electronic Payments Association (NACHA), steward and rule maker of the ACH Network, just released findings from the Same Day ACH transaction volume data for Sept. 23–Dec. 31, 2016.
Same Day ACH is an industry initiative toward faster payments. The first phase launched in September of last year, making ACH credit transactions eligible for same-day processing. The numbers NACHA released show a strong early performance for the faster payment option during the first three months of operation.
According to the NACHA data, Same Day ACH was responsible for more than 13 million credit transactions in its just over three months of operation so far. The combined value of these transactions totaled nearly $17 billion, with an average transaction amount of $1,283 in the period through the end of 2016.
Janet O. Estep, president and CEO of NACHA, said in a statement: “In its first three months of operation, Same Day ACH has proven that it is a valuable faster payment solution for a variety of users, including businesses, consumers and financial institutions. We are encouraged by performance thus far and look forward to seeing Same Day ACH continue to provide value for its users in 2017.”
The largest segment of Same Day ACH payments in the first three months was Direct Deposit via ACH transactions. Direct Deposit comprised 52 percent of Same Day ACH volume, or 6.8 million transactions, totaling $5.9 billion.
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The data shows that B2B payments made up 32 percent of Same Day ACH volume — 4.1 million transactions, totaling $8.8 billion. Other uses for Same Day ACH included P2P payments, which saw 1.8 million transactions, totaling $1.2 billion, and consumer bill payments, with nearly a quarter million transactions worth some $733 million.
