PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Real-Time Payments Are Gaining Ground 

By Connie Diaz De Teran
July 26, 2023
in Analysts Coverage, Commercial Payments, Credit, Debit, Real Time Payments
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
faster payments

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.  

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: ACHFaster PaymentsNACHAReal-time paymentsRTPSame Day ACHThe Clearing House

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025
    payments

    Don’t Just React to What’s Next in Payments—Anticipate It

    June 30, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result