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Same-Day US Electronic Payments. Prior To Phase 2 of Same-Day ACH

According to the Electronic Payments Association, almost $5 billion in US electronic payments were brought in on the same day in October 2016. This happened after the adoption of new rules by financial institutions to accelerate the transfers. The trade group stated nearly 3.8 million same-day transfers (the average amount made up $1.303) were registered in October 2016.

According to the group, which is responsible for the management of the ACH (Automated Clearing House) network for interbank, direct deposits and payments, the mentioned transfers took 2-4 business days before the adoption of new rules on September 23, 2016.

Due to Same-Day ACH rules, all financial institutions were allowed to receive same-day transactions. The new rules were expected to influence the way consumers and businesses moved funds each year. Every year, nearly $40 trillion in funds is moved by consumers and over 80% of 28 million businesses in the US.

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As the association notes, the largest number of same-day transfers in October 2016 were direct deposits associated with emergency payroll and pension payments, which represented 49% of transactions. This was based on 1.9 million payments accounting for 1.6 billion.

B2B (business to business) payments represented a 36% share. The latter was based on 1.4 million transactions accounting for $2.8 billion.

The association adds the new rules aimed at promoting faster payments and debit and credit transactions settlement are to be adopted on September 17, 2107.

Janet Estep, president and chief executive officer of NACHA (National Automated Clearinghouse Association) has mentioned that thanks to Same-Day ACH, you can be sure your payment can get to anyone else with a bank account on the same day, no matter which bank or credit union they use.