Nine in 10 financial institutions say that their same-day ACH origination volume is about the same or higher than expected since the new faster payment protocol launched in September 2016. The figures come from a survey of financial institutions conducted by NACHA, the electronic payments association. Eighty-three percent of institutions said receiving payment volume was as high as or higher than expected.
No institution surveyed reported any increase in fraud associated with same-day ACH capability. The survey showed that same-day ACH is being used by businesses of all sizes; 58 percent of financial institutions saw large businesses use it, 84 percent reported middle-market companies using it and 37 percent said small businesses used the faster payments capability.
Common applications of same-day ACH included payroll, one-time payments and emergencies. The next phase of same-day ACH — debit entries, expected to support consumer-facing applications like bill payment and account-to-account transfers — will roll out on Sept. 15, 2017, requiring all banks to be prepared to accept same-day ACH debits.