“Same Day ACH” Processes $5B in October

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.