Electronic ACH payment transaction volume grew by 5.3 percent in last year, reaching 25.6 billion transactions, according to a report today from NACHA, the electronic payments association.
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.
By Monica C. Meinert t’s a fairly well-known fact that consumers in the U.S. are increasingly choosing to make cashless payments. Gallup reports that just under a quarter of people (24 percent) make some or all of their purchases with cash, down from 36 percent five years ago. As noncash payments continue to dominate—totaling almost
More than 144 billion noncash payments — those made with debit or credit cards, ACH and checks — were made in the U.S. between 2012 and 2015, totaling nearly $178 trillion, the Federal Reserve reported today in its triennial payments study.
Credit cards and online bill pay increased their shares of all payments, according to results from the Federal Reserve Bank of Boston’s 2014 Survey of Consumer Payment Choice released today.
NACHA today launched Phase 1 of its same-day ACH initiative, which allows for the sending and receiving of ACH credit transactions.
With same-day ACH transfers phasing in this fall, 95 percent of the nation’s largest ACH originating institutions are on track to offer the service in 2016, according to a survey by NACHA, the electronic payments association.
Having convened stakeholders from across the public and private sectors and outlined criteria for effectiveness, the Federal Reserve’s “faster payments” initiative will in 2016 begin assessing proposals for improvement, begin implementing the ISO 20022 standard for wire transfers and facilitate the transition to universal same-day ACH, according to a Fed report today.