Same-day ACH payments soar

Same-day ACH is going great guns. Nacha reported that the ACH network handled 355.2 million same-day payments in the third quarter of 2024, a whopping 67.5 percent increase over the same period in 2023. The combined value of same-day payments rose 38.8 percent over the third quarter of 2023 to total $844 billion.

“These results are continued proof of the robust adoption of same-day ACH,” said Jane Larimer, Nacha president and CEO.

Larimer noted that Nacha is seeking comments on a plan to expand the operating hours of same-day ACH to more closely align with the close of business in the Pacific time zone—a move that would further boost usage. The plan is to provide an additional 3.25 hours each day for users to submit same-day payments for processing through the network, she said.

Nacha has made several enhancements to same-day ACH since the application was introduced eight years ago, Larimer added. These have included higher dollar limits, expanded hours and accelerated funds availability. “We will continue working to ensure that same-day ACH helps meet the needs of the payments community,” Larimer said.

Total volume rose 7.4 percent

In all, 8.4 billion payments valued at $21.5 trillion were sent through the ACH in the third quarter of this year. Total payments were up 7.4 percent over the third quarter of 2023, and the value total was up 8.9 percent over the same period. Of the 8.4 billion payments sent through the ACH in the three-month period ending on Sept. 30, 3.7 billion were credit payments and 4.7 billion were debits (which are most commonly used for consumer bill payments).

Volumes across all major categories of ACH payments climbed during this year's third quarter, Nacha said. Business-to-business and healthcare claim payments rose 12.6 percent (to total 1.9 billion) and 7.8 percent (132 million), respectively, over the same three months of 2023. Consumer internet-initiated payments were up 9 percent (to total 2.7 billion) and person-to-person payments rose 20 percent (99.6 million).

There were 2.1 billion direct deposit payments sent across the ACH in the third quarter 2024, an increase of 3.9 percent over 2023. Used to deliver payrolls electronically, direct deposit is one of the oldest ACH applications.

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