The demand for real-time payments is growing at breakneck speed. Yesterday, Nacha reported that Same Day ACH payments experienced a significant increase in the first half of 2023.
According to ACH’s governing body Nacha, the value of Same Day ACH payments reached nearly $1.2 trillion, an increase of 51.7% from a year prior. The volume of 385.6 million Same Day ACH payments also showed an increase of 13.7% in the first half of 2023.
What’s more, there were 199.4 million Same Day ACH payments in Q2 2023, which was an increase of 7.7% from a year prior. Those payments were valued at $612.6 billion, an increase of 26.1%.
With ACH, consumers can easily access and manage their funds, as well as make online payments and easily transfer funds between accounts. Businesses are also benefitting by streamlining their payroll, accounts receivable, and accounts payable.
The Clearing House’s RTP Network is also celebrating another historic landmark— exceeded the 500 million payment mark on July 22. Transactions on the RTP network in Q2 2023 reached 58 million for $29 billion. That’s an increase from 41 million transactions for $18 billion in Q2 2022. More than 350 financial institutions currently provide real-time payments on the RTP to both their customers and members.
“The substantial increase in both RTP and Same Day ACH volume reiterates that consumers and businesses are using faster, real-time payments,” said Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research. “We will undoubtedly continue to see faster payments grow as more financial institutions adopt FedNow, RTP, and Same Day ACH to satisfy growing customer demand.”
Although we have discussed how many businesses remain cautious against fully adopting RTP, it is still set to become the standard in payments in the very near future. Before adopting an RTP strategy, it is recommended to first get a real understanding of what your customers are looking for and adopting the best use cases to meet this market demand.