Welcome to Innovating Payments Top 3 News Headlines for the Week of Oct. 21. Same Day ACH volume rose 67% in the third quarter of 2024. The total third quarter ACH Network volume was 8.4 billion payments valued at $21.5 trillion, with respective increases of 7.4% and 8.9% over a year earlier.
Meanwhile, in the U.S., both firms and consumers have shown interest in instant payments, but fraud remains a concern. In other news, Fiserv may gain a competitive edge with a new bank charter, consultants who follow the payments industry say.
Read on to learn more.
1. Same Day ACH Volume Rose 67.5% in the Third Quarter of 2024 (Nacha)
Same Day ACH volume soared 67.5% in the third quarter of 2024, and total ACH Network payment volume rose 7.4% from a year earlier, new figures from Nacha showed. There were 355.2 million Same Day ACH payments in the third quarter; the value of those payments rose 38.8% to $844 billion…Volume across all major ACH Network payment categories climbed in the third quarter of this year. Those include business-to-business (B2B) and healthcare claim payments, which increased 12.6% and 7.8%, respectively, from the third quarter of 2023. (Read more.)
2. Slow Going for Faster Payments as Fraud Concerns Persist (PYMNTS.com)
For the banks mulling when they'll connect to real-time payment rails - and for those already connected in order for instant payments to be received but not sent - fraud remains the big issue. At this writing, at least in the U.S., interest is high among firms and consumers when it comes to instant payments. PYMNTS Intelligence found earlier this year that, as detailed in the report "Are Challenges Still Holding Back Instant Payments Adoption in the US?," 68% of businesses see themselves using instant payments via RTP or the FedNow® Service in the next two years. (Read more.)
3. Fiserv May Grab Competitive Edge with New Bank Charter (Payments Dive)
Fiserv will have more wherewithal to undercut competitors on price after the payments processing giant obtained a special bank charter in Georgia earlier this month, consultants who follow the payments industry say…The Georgia Department of Banking and Finance announced on Oct. 4 that it was giving the payments company a merchant acquirer limited purpose bank (MALPB) charter on a conditional basis, allowing it to process those transactions without a partner bank. (Read more.)
How did your financial institution's ACH volume and value increase in Q3 2024? What fraud concerns have your members/customers expressed about instant payments? What concerns do you have about Fiserv gaining a bank charter-and potential competitive edge-when it comes to the payments industry?
Check back soon for our next issue, which will highlight the industry's most pressing and important developments. Until then, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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