“Same Day ACH” Processes $5B in October
11-18-2016
Following the September 23rd adoption of new rules allowing an increase in Automated Clearing House (ACH) transfers, “Same-Day ACH” transfers totaled $5B for the month of October, according to NACHA. The 3.8 million transactions taking place during the month amounted to roughly $1,300 each. Direct Deposits represented 49% of the same-day ACH transfers.
As Transaction Trends wrote earlier this month, the acceleration in volume capability is thanks to reform of the ACH system — which now processes transactions multiple times a day — increasing transaction-clearing speeds from 2-4 days, the rate where they’d stood since the 1970s.
Same-day ACH processing not only increase B2B remittance times, but also opens the door for banks to enter the P2P payments space.
Read the statement from Reuters here.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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