Same Day ACH saw double-digit increases in both volume and value during the first quarter as the payment method continued to gain acceptance.
The volume of Same Day ACH payments rose 19.1% year over year to reach 326 million, while the value increased 24.8% to reach $897 million, Nacha, which governs the ACH Network, said in a Wednesday (April 23) press release emailed to PYMNTS.
“As Same Day ACH nears moving $1 trillion in a quarter, it is clear that this faster payment method is gaining acceptance across a range of use cases,” Nacha President and CEO Jane Larimer said in the release.
According to the Nacha website, Same Day ACH is commonly used by businesses, government entities and consumers for purposes like urgent bill pay, payroll, insurance claims and disaster relief, refunds and reimbursements, and tax payments.
Standard ACH also continued to grow, according to the press release.
During the first quarter, compared to the same quarter a year ago, ACH payment volume rose 4.2% to 8.5 billion, while the value increased 6.6% to $22.1 trillion, the release said.
Among the major transaction types, the volume of person-to-person (P2P) leapt 20.4% to 109 million, B2B jumped 9% to 1.9 billion, healthcare rose 8.1% to 125 million and internet climbed 6.9% to 2.8 billion, according to an infographic released Wednesday.