“In a move that could have wide-ranging implications for a variety of payments, the Federal Reserve on Monday announced it will support a third settlement window each day for same-day automated clearing house transactions. The later settlement time, which ACH rule-making authority Nacha and a number of banks have long pushed for, will allow financial institutions in the Western half of the country to submit more payments for same-day handling each day.”

“The nation’s automated clearing house network went on a tear in the quarter ended June 30, notching its highest growth rate since 2008 thanks to double-digit growth for key categories like Internet payments and business-to-business transfers. Total volume for the quarter came to 6.1 billion transactions, an increase of 7.7% from the same three months last year, according to Nacha, the Herndon, Va.-based organization that administers the 45-year-old network. The system has been steadily posting 5%-plus quarterly growth rates in recent years as new features such as same-day ACH processing have been introduced.”

“The Nacha Corporate Experience is comprised of different solutions that when used together improve the end-to-end electronic payment and remittance process for businesses-to-business payments. Currently, the Nacha Corporate Experience includes the Business Payments Federated Directory, which leverages blockchain technology to address supplier onboarding challenges. Through the Directory, businesses can obtain, maintain and exchange accurate and compliant payment information improving confidence for buyers and cash application processes for suppliers.”

“OnDeck (NYSE: ONDK ), the leader in online lending to small business, today announced that it will offer to fund and debit customer bank accounts with Same Day ACH transfers, eliminating a decades long pain point for small business owners accustomed to the traditional ACH transfer process, which can take multiple days and lacks certainty on when the transactions will hit bank accounts.”

“The reason for the delay lies with the Federal Reserve, operator of one of the nation’s two ACH switches; bank-owned The Clearing House Payments Co. LLC  operates the other. The original live date depended on NACHA receiving okays from the Fed’s Board of Governors by June 30 of this year. NACHA chief operating officer Jane Larimer tells Digital Transactions News that the Fed has informed NACHA that it will be unable to provide needed approvals for changes in its ACH services by June 30. “They’re not going to be able to meet our timeframe,” she says.”

“Same-day automated clearing house transactions more than doubled in 2018 and the value of those payments increased 83% in the first full year of same-day ACH debit service, NACHA reported Tuesday. The same-day volumes helped the sprawling ACH network continue its growth streak, with total payments up nearly 7% and the value of those payments increasing by more than 9%.”

“The number of ACH payments totaled more than 5.6 billion in the third quarter of 2018, a 6.7 percent increase over Q3 2017, according to NACHA. The ACH Network’s strong performance is driven in large part by online and business-to-business (B2B) payments. More than 3.3 billion ACH debit and nearly 2.3 billion ACH credit payments were made in the third quarter of 2018. During this same period, B2B payments increased nearly 10 percent with over 896 million payments completed.  Healthcare EFT payments, a healthcare industry standard for claim payments from insurers to providers, also increased by 10 percent to 77 million payments. In addition to B2B growth, online ACH payments increased by 14 percent and totaled 1.5 billion.”

“The trusted source for verified bank payments in U.S. online sports betting and igaming, Mazooma’s eCheck Select re-invents the traditional ACH payment channel, processing the very first regulated online sports betting transaction in New Jersey with an industry leader in online sports betting.”

“The growth surge at the nation’s automated clearing house network shows no signs of slowing down. The payments system handled 5.68 billion transactions in the quarter ended June 30, a 6.2% increase year-over-year, according to numbers from Herndon, Va.-based NACHA, the network’s governing body. The network has now notched growth exceeding 5% in 12 out of the 14 quarters since the start of 2015. Faster payments on the network, which links virtually every bank in the country, totaled 40.9 million in the quarter, up from 11.9 million in the second quarter of 2017. “

“ACI Worldwide (NASDAQ: ACIW), a leading global provider of real time electronic payment and banking solutions, today announced its participation at NACHA PAYMENTS 2018, held April 29-May 2 in San Diego, Calif. ACI will showcase the latest in real-time, digital and open banking offerings at its booth (701). Additionally, ACI experts will participate in several speaking sessions throughout the event covering topics including real-time payments, open banking and lessons learned from the maturing UK faster payments market.”

“The main goal of the latest meeting was to showcase progress on API use case efforts and confirm prioritization and refine requirements of the APIs. Announced late last year, the Group prioritized API: Account Validation, API: Get Account Balance/API: Get Account History, API: Get Bank Contact Information, API: Interoperability, and API: Transaction Status as the first five APIs for development. During the February meeting, the Group further prioritized API development efforts, agreeing to API: Account Validation and API: Get Bank Contact Information as the first two of five to be released to the industry in second quarter of 2018, and agreeing to the initial requirements for both APIs.”

“The 1^st phase, which went into effect September 23, 2016 provided for end of day settlement of credit entries, also known as ACH push payments. The 2^nd phase, which began September 15, 2017 provided for end of day settlement of debit entries, or ACH pull payments. The 3^rd and final phase requires that a receiving RDFI must make funds available from same day ACH credits for withdrawals by 5PM at the RFDI’s local time.”

“Same Day ACH debit and credit transactions totaled 15.2 million in December, an increase of 51 percent over November’s volume, according to data released today by NACHA—The Electronic Payments Association®. The significant increase in Same Day ACH transactions from November to December is just the latest in a long line of indicators demonstrating the widespread interest in and adoption of this faster payment method.”

“Automated Clearing House (ACH) transfers have proven to be both easy and affordable methods of moving money. In addition to easy and affordable, they are now faster and more widely used by financial institutions (FIs) and their business and consumer customers. PYMNTS, in collaboration with NACHA – The Electronic Payments Association, developed the Same Day ACH Use and Demand Study to examine the current use and demand for SDA in the United States.”