HERNDON, Va.–During its first quarter of operation, Same Day ACH, an industry initiative to move payments faster, was responsible for more than 13 million credit transactions totaling nearly $17 billion with an average transaction amount of $1,283.
The Same Day ACH data is for Sept. 23-Dec. 31, 2016 and was compiled and reported by NACHA.
“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” said Janet O. Estep, president and CEO of NACHA, in a statement. “We are encouraged by its performance thus far, and look forward to seeing Same Day ACH continue to provide value for its users in 2017.”
Among some of the findings in the data for the first three months, according to NACHA:
- The greatest number of Same Day ACH payments were Direct Deposit via ACH transactions, which made up 52% of Same Day ACH volume with 6.8 million transactions. These transactions, which include emergency payroll and pension payments, totaled $5.9 billion.
- Business-to-business payments also saw significant Same Day ACH use, making up 32% of Same Day ACH volume with 4.1 million transactions. Same Day ACH business-to-business payments totaled $8.8 billion.
- Other uses for Same Day ACH included person to person payments, which saw 1.8 million transactions totaling $1.2 billion, and consumer bill payments, with almost a quarter million transactions that amounted to $733 million.
NACHA is also reminding that financial institutions, processors and businesses should ensure they are prepared for phase two Same Day ACH for debit transactions,