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Nearly 4 Million Same Day ACH Payments Transacted in First Month Following Phase 1 Implementation

Strong Transaction Volume Consistent with Expectations

Nearly 4 Million Same Day ACH Payments Transacted

Totaling Nearly $5 Billion in October 2016

HERNDON, Va., Nov. 15, 2016 – NACHA —The Electronic Payments Association®, the steward and rule maker of the ACH Network, today released Same Day ACH transaction volume data for October, the first calendar month following Phase 1 implementation on Sept. 23, 2016. Same Day ACH, an industry initiative to move payments faster, was responsible for 3.8 million transactions in October, totaling $4.98 billion with an average transaction amount of $1,303. This data shows strong use of Same Day ACH and is consistent with NACHA’s expectations based on anticipated use cases and industry dialogue. It also demonstrates how Same Day ACH serves as a new ubiquitous U.S. faster payment option that supports marketplace demands.

“From financial institutions to businesses to consumers, the robust use of Same Day ACH in October confirms the value this faster payment offering can bring to all ACH Network users,” said Janet O. Estep, president and CEO of NACHA. “Initial volume is also a testament to the work financial institutions, businesses, processors, and other network stakeholders did in preparing for this transformative initiative.”

Additional data and usage information from October, also available via our Same Day ACH volume infographic, includes:

  • The greatest number of Same Day ACH payments were Direct Deposit via ACH transactions, including uses such as emergency payroll and pension payments. These transactions made up 49 percent of Same Day ACH volume, and amounted to 1.9 million transactions totaling $1.6 billion.
  • Business-to-business payments also saw significant Same Day ACH use, with these transactions making up 36 percent of Same Day ACH volume. In total, there were 1.4 million Same Day ACH business-to-business payments that totaled $2.8 billion.
  • Additionally, there were 506,000 same-day person-to-person payments and 61,000 consumer bill payments.

NACHA encourages financial institutions, processors and businesses to be prepared to both receive and originate Same Day ACH debits, which becomes effective Sept. 15, 2017, by accessing Same Day ACH educational resources at https://resourcecenter.nacha.org/ and performing adequate testing with stakeholders.