Faster payments on the automated clearing house network and on real-time payments systems are gaining momentum, according to statistics released Thursday by Nacha, the standards body for the automated clearing house system, and by the Real Time Payments network, operated by 22 of the world’s biggest banks.
The total value of same-day payments in the third quarter rose 15% to $970.4 billion, compared to the same period last year, according to Nacha’s release. The double-digit growth in this category continues years after Nacha launched the faster settlements in 2016 with credits. Debits followed a year later.
Meanwhile, The Clearing House Payments Co., operator of the Real Time Payments network, reported early Thursday the network set a single-day record Oct. 3 with 1,808,967 transactions. That traffic carried $5.2 billion in value, TCH said.