Businesses and consumers drove an increase in ACH transactions over the second quarter of 2018 to a growth rate of 6.2% over Q2 2017, NACHA–The Electronic Payments Association® reported. The increase was one of the highest growth rates in a decade.
The volume shows "how vital the ACH Network is to the U.S. economy," NACHA CEO Jane Larimer said in a news release.
The growth to more than 5.7 billion total transactions in the second quarter included more than 3.3 billion ACH debit transactions and nearly 2.4 billion ACH credit transactions, the organization reported. Direct deposit payroll transactions and other consumer disbursement made up the largest slice, with nearly 1.7 billion transactions driving an increase of 4.2 percent over the same quarter last year.
Same Day ACH transactions also continued their climb, in both volume and value, with 40.9 million Same Day ACH transactions consummated in the second quarter, an overall increase in volume of 243% over the second quarter of 2017 when Same Day ACH debits – which went live in September last year – were not yet available. NACHA has predicted that the overall volume of Same Day ACH payments will reach 1.4 billion within the next 10 years.
"More people than ever before are enjoying the benefits of Same Day ACH," Larimer said. "As the adoption of Same Day ACH continues to grow, NACHA will seek to continue to expand the capabilities of Same Day ACH and the ACH Network."
More Q2 ACH Highlights
Other highlights of the report include:
- B2B transactions grew by 8.6% to 889 million
- Internet transactions grew by 14.3% to 1.5 billion
- Person to Person transactions grew by 24.1% to 29.4 million
- Same Day ACH volume included 21 million credit transactions, compared to 11.9 million Same Day credit transactions in Q2 2017
- Same Day ACH volume included 20 million debit transactions
Learn More about Cachet ACH Processing for Payroll
Learn more about how Cachet ACH processing, including same-day ACH options, can benefit your business. At Cachet Financial Services, our sole focus is providing ACH payroll processing services to the payroll industry. We process $150 billion annually in ACH transactions for more than 110,000 employers nationwide. Our clients have access to a full range of employee compensation services through our network of sister companies: Payroll Tax Management, Time Rack, and SBS Payroll. Contact us to set up a demo or to learn more about our FlexACH platform.