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NewsBriefs

This is a 14 percent increase from 2022 and 10 percent from The $1 million limit, introduced in 2021 to attract B2B
2019. Strategies to manage inflation include buying fewer transactions, contributed to a 9.6 percent increase in iden-
gifts (eight versus nine last year), increased spending on tified B2B ACH transactions in the third quarter of 2023.
gift cards ($300 versus $217), and seeking Black Friday and The ACH faces competition from FedNow and RTP, with
Cyber Monday deals (66 percent versus 49 percent). the latter showing substantial growth in volume and val-
ue of transactions.
Additional findings include that nearly 30 percent of shop-
pers in the study will drive nearly 70 percent of holiday CFPB sets tone for U.S. open banking
spending, in-store purchases are returning to 2019 levels, The Consumer Financial Protection Bureau proposed
and loyalty to favorite retailers remains strong at 76 per- new privacy guidelines, reintroducing Section 1033 of the
cent. Dodd-Frank Act, focused on consumer access to personal
Same-day processing a boon for the ACH data at financial institutions. This move signals the CFPB's
interest in open banking practices. The proposed Personal
Nacha reported that in 2023, the ACH network handled Financial Data Rights rule aims to empower consumers by
597.6 million same-day ACH payments, amounting to granting them more control over their financial data.
$1.78 trillion—marking a 16 percent and 42.4 percent in-
crease, respectively, compared to the same period in 2022. CFPB Director Rohit Chopra highlighted the need for
standardized procedures among financial institutions
Although same-day activity is growing, it remains a frac- to ensure transparency in data sharing and pricing. The
tion of total ACH transactions, which numbered 7.8 billion proposed rule would allow consumers to access and share
in the third quarter of 2023, including 212 million same- their financial information with third-party service pro-
day ACH payments worth $608 billion—marking a 20 per- viders, promoting market competition and consumer
cent increase in volume and 27.1 percent in dollars over the choice. The Electronic Transactions Association support-
third quarter of 2022. ed the proposal, emphasizing convenience, security, and
competition.

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