“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 global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
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