ACH debit and credit transactions totaled more than 5.7 billion in the second quarter of 2018, a 6.2 percent increase when compared to Q2 2017, according to NACHA—The Electronic Payments Association.
This percentage increase represents one of the highest growth rates since 2008. The strong quarterly performance demonstrates that ACH payments, including Same Day ACH transactions, are being embraced by businesses and consumers alike.
There were more than 3.3 billion ACH debit and nearly 2.4 billion ACH credit transactions made in the second quarter of 2018. During this same period, Direct Deposit for payroll and other consumer disbursement represented the largest number of transactions at nearly 1.7 billion, a 4.2 percent increase; nearly 1.5 billion internet transactions were made, representing a 14.3 percent increase; business-to-business transactions totaled 889 million, up 8.6 percent; and person-to-person transactions were more than 29 million.
"The ACH Network provides substantial value to everyone who sends or receives payments, including businesses, consumers, governments and financial institutions," said Jane Larimer, chief operating officer of NACHA. "Another strong quarterly performance demonstrates how vital the ACH Network is to the U.S. economy."
As the ACH Network continued to grow, so did the volume and value of Same Day ACH transactions. In the second quarter of 2018, there were nearly 41 million Same Day ACH transactions, including 21 million credit and nearly 20 million debit transactions. Compared to the same time period in 2017, when there were only credit payments available, there were 11.9 million transactions (Same Day ACH credits have been available since September 2016 and Same Day ACH debits went live in September 2017). Overall, Same Day ACH payments volume in the second quarter of 2018 represents a 243 percent increase year-over-year.
"More people than ever before are enjoying the benefits of Same Day ACH," Larimer continued. "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."