With paper check use declining and electronic payment methods on the rise, the ACH Network has grown tremendously in recent years. A recent PaymentsJournal podcast unpacked how this growth continued into 2020, even as the pandemic disrupted regular economic activity. In fact, the pandemic underscored just how reliable and valuable the ACH Network is to commercial and economic activity.
Part of the ACH Network’s continued success is tied to Same Day ACH, Nacha’s faster payment offering. First launched in 2016, Same Day ACH offers users the ability to compress the full cycle of an ACH payment into one banking day. This means that ACH payments can be initiated, cleared, settled and posted into the receivers account all on the same day, rather than over one or two banking days, as may be the case with other ACH payments.
In a recent podcast interview with PaymentsJournal, Nacha’s Michael Herd discusses how and why Same Day ACH volumes have been growing and what use cases Nacha’s faster payment option supports.
To learn more, read the article or listen to the podcast.
Listen to Mike Herd's podcast interview about how the ACH Network performed in the first half of 2020.