The news: Same-day ACH payment volume surpassed 1.2 billion in 2024, growing 45.3% YoY, per a press release.
- Same-day growth accelerated significantly from 2023’s 22.3% increase.
- It’s also growing much faster than overall ACH network payment volume, which rose 6.7% YoY in 2024.
Why this matters: Same-day ACH transactions aren’t instant. They’re settled in batches at specific times during the day, typically requiring submission before a cutoff time.
But same-day ACH payments are still capitalizing on consumer demand for faster payments.
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Three-quarters of US consumers used faster payments in 2023, and 61% said they were likely to use them more often in the future, per a 2023 survey from the Federal Reserve.
- And 24% of consumers said they were open to paying a premium for faster/instant payment service, at least occasionally.
- Respondents cited the most interest in faster payments for peer-to-peer (P2P) and bill payments.
Interest in faster payments is also exploding for business-to-business (B2B) payments. Real-time payments support between 60% and 70% of domestic B2B transactions in the US, according to Melio.
Our take: While demand for faster payments is quickly growing, the ACH Network faces growing competition from true real-time payment players.
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