This quarter was the first in which the Same Day ACH dollar limit was USD 1 million per payment, following the increase on March 18, 2022. There were 185 million Same Day ACH payments transferring USD 486 billion in the second quarter, with respective increases of 24.4% and 94.4% over the same timeframe in 2021.
Officials from the National Automated Clearing House Association (Nacha) stated that the payments community asked for the USD 1 million limit, and the ACH Operators and financial institutions joined with Nacha to make it a reality. The results show the benefits of Same Day to users of the ACH Network.
Continuing a trend which began before COVID-19, and accelerated during it, B2B volume rose 12.3% in the second quarter of 2022, with 1.5 billion payments.
For the quarter overall, the ACH Network moved 7.5 billion payments, a growth of 3.5%, transferring USD 19.6 trillion.
Nacha’s officials stated that the growth reflects the addition of more than 250 million payments, even in the absence of pandemic-related assistance payments. This may represent the stability and dependability of the modern ACH Network.”
The association also reported on how the University of Kentucky switched from checks to Same Day ACH to solve payroll issues during the pandemic. This is just one of the use cases for Same Day ACH.
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