Nacha Commends IRS for Sending 430,000 Child Tax Credit Payments by Same Day ACH
Today, the U.S. Internal Revenue Service (IRS) sent over 430,000 Advance Child Tax Credit (ACTC) payments by Same Day ACH to quickly and securely reach the majority of families that had received ACTC payments in July and August but didn’t receive their September payments.
“We commend the IRS for turning to Same Day ACH to deliver urgently needed Child Tax Credit relief payments to American families in a matter of a few hours,” said Nacha President and CEO Jane Larimer. “The ACH Network offers the Same Day ACH capability for these and other time-sensitive payments, including disaster and other relief payments.”
About Same Day ACH
Same Day ACH payments are processed and received in as fast as a few hours and this faster payment capability is an essential component of the modern ACH Network. Same Day ACH can reach all U.S. bank and credit union accounts for consumers, businesses and government entities.
Same Day ACH marked its fifth anniversary on Sept 23, 2021. Since its launch, 1.2 billion Same Day ACH payments have been made totaling $1.5 trillion. In the first half of 2021, Same Day ACH volume rose 86.3% to 291 million and value increased 123% to $439 billion from the first half of 2020.
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. Nearly 27 billion ACH Network payments were made in 2020, valued at close to $62 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation and advisory services.