Nacha Reports More Faster Payments Gains – Digital Transactions
Total payments on the nation’s automated clearing house network grew 5.9% year-over-year in the third quarter, a performance that included a 37% rise in same-day transactions, to 470.4 million, Nacha reported early Tuesday.
The burst in same-day volume comes as companies and banks continue to move toward faster payments, whether on real-time networks or on the ACH. Reston, Va-based Nacha, which regulates the ACH network, launched same-day ACH settlement in 2016, with an opening transaction limit of $25,000. That cap rose to $1 million by 2022 as businesses adopted the service and as banks began eyeing even faster settlement through networks such as FedNow and the Real Time Payments service from The Clearing House.
The total dollar value of those same-day transactions in the third quarter came to $1.3 trillion, up from $970.4 billion in the same quarter a year ago. The ACH network first exceeded $1 trillion in same-day value in the fourth quarter last year.
Overall, the network handled $25.6 trillion in transaction value in the quarter, up 10.2%, on 9.3 billion transactions, up nearly 6%, Nacha reported. So far this year, the network has handled 1.3 billion same-day transactions, up 30%, totaling more than $3.6 trillion, a 28.7% rise, according to Nacha.
Among transaction types tracked by Nacha, a standout is person-to-person payments. These grew nearly 16% in the quarter, to 141.7 million, albeit on a smaller volume than that of other categories.
“As these quarterly increases continue, they demonstrate the strength of not only same- day ACH, but the ACH network overall,” said Jane Larimer, president and chief executive of Nacha, in a statement.
