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The ACH Network is set to surpass 33 billion payments by the end of the year, marking a significant milestone. Consumer Internet-initiated payments are set to surpass 10 billion, a remarkable achievement considering the payment method was created just 20 years ago. The Ongoing Success Story of ACH The State of ACH: Instant payments rails like FedNow and RTP have received significant attention over the past year, but this hasn’t slowed ACH’s momentum. In Q2 2024, ACH payment volume increased by over 6% year-over-year, with an average daily payment volume reaching 132 million payments. The total value of payments flowing through the ACH Network topped $42 trillion in just the first half of the year. “There are a few areas that are driving overall ACH volume growth,” Herd said. “The first is B2B payments, which are growing by more than 10% per year. That’s been a long-standing trend for the last seven or eight years. While there are still pockets of check use in industries like healthcare and higher education, overall check volume seems to be declining and the B2B space is moving towards ACH.” #ACH #SameDayACH #FedACH #NACHA #ACHNetwork #CHIPS #RTP #FedNow #Payments #InstantPayments #RealTimePayments #Zelle #ChinnapaReddy #Banking #Innovation #Fintech #BillPay #B2B #FasterPayments #B2BPayments #SWIFT #NEFT #RTGS #FedWire #LYNX #CHAPS #UPI #NPCI

In the digital age, the way we handle money has evolved significantly. Gone are the days of paper checks and slow, manual transactions. Instead, we have systems such as ACH (Automated Clearing House) that power the seamless transfer of funds electronically. ACH is the backbone of electronic payments in the United States, offering a secure and efficient way to transfer funds between bank accounts. Learn everything you need to know to understand ACH payments, the governing body, key operators, credit vs. debit transactions, next-day vs. same-day processing, timelines, and how a secure and compliant payment platform like Payment Labs can streamline the ACH process for your business. https://lnkd.in/gdsbries #ACH #Payments #PaymentLabs

Real-Time Payments vs ACH: A Comprehensive Comparison for Modern Payments #paymentsolution #paymentmodernization #ach #RealTimePayments #paymenttechnology #Techzert

In today's digital world, it's essential to choose the right payment method for your needs. Whether you're a business owner or an individual, understanding the different payment systems available can help you make informed decisions. Two of the most commonly used payment methods are Real-Time Payments (RTP) and Automated Clearing House (ACH) transfers. While they both serve the same purpose of moving money from one place to another, they function quite differently. This article will explain what RTP and ACH are, how they work, and how they differ from each other.

💡 Faster Payments need to go Beyond Speed... In the race towards faster payments, let's pause and consider what "fast" truly means. While speed is crucial for efficiency and customer satisfaction, it's not the only metric defining success in payments innovation. Imagine a future where payments aren't just fast but seamlessly integrated into daily life, offering unparalleled security and reliability. What if instead of focusing solely on velocity, we prioritize robust infrastructure that can handle diverse transaction types without compromising on safety? As we champion faster payments, let's also champion reliability, security, and inclusivity. These pillars ensure that every transaction, regardless of speed, meets the highest standards of trust and accessibility. Let's challenge ourselves to build a payments ecosystem that doesn't just move quickly but moves with purpose, enhancing the way businesses and individuals interact financially. #FasterPayments #PaymentInnovation #FinanceTech #SecurityMatters #InclusiveBanking https://lnkd.in/e3ypmD4V

Understanding payment rails is key to navigating the payments landscape. Click below to learn about the ACH network, card networks, the RTP® network, and the FedNow® Service. #paymentrails #fintech #payments

Consumers are becoming more familiar with different payment methods, though many younger consumers may still not be aware that bill pay is an option. However, there hasn’t been significant innovation in the traditional bank or credit union experience, so many FIs are lagging customer expectations. “Consumers are evaluating other payment methods because they want enhanced clarity, faster payments, and more payment choice,” Derek Swords, VP, Head of Product, Bill Pay at Fiserv said. “They’re using their phone instead of the traditional desktop experience because it provides transparency and increased access. What they’re really looking for is an offering that rolls all their obligations into one, and that creates an opportunity for financial institutions.” Read more: https://ow.ly/TJal50SSaGb #payments #billpay #automation #cardpayments #digitalpayments

68% of Businesses Plan to Add Instant Payments Within 2 Years Instant payments are the future! With 68% of businesses set to jump on board within two years, industries like retail, hospitality, and healthcare are leading the charge. They’re seeing the advantages—quicker cash flow and better customer interactions. Still, old-school methods like checks aren’t gone yet. There are some hurdles to face, like tech upgrades and fraud risks, but with the right strategies, instant payments will soon dominate the scene. #paymenttransformation #instantpayment #PaymentInnovations #FutureOfBanking #TransactionBanking https://okt.to/I0KyG4

Navigating the ever-evolving world of payments is essential for businesses today! Understanding the intricacies of credit card processing is just the beginning — innovations like contactless payments and mobile wallets are transforming how we handle transactions. With partners like SeamlessChex, your business can stay ahead of the curve, ensuring efficiency and security in every transaction. Read more in our blog post linked below! #CreditCardProcessing #PaymentProcessing #MerchantServices #SeamlessChex #Paynote

Step-by-Step Guide to Creating and Using a VPA for UPI Payments VPA meaning is essential in understanding how UPI transactions work. A Virtual Payment Address is a simple identifier used to send or receive money without revealing sensitive banking details. To create a VPA, first, open your preferred UPI app and navigate to the option to create a new VPA or UPI ID. Once you've selected your custom VPA, link it to your bank account. This VPA can now be used for all UPI transactions. When making payments, simply enter the recipient’s VPA instead of their account number, ensuring secure and quick transactions. Read More: https://lnkd.in/dA7ZyA8B