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Posted: Jun 15, 2017
Categories: Emerging Payments
Comments: 0
Author: Lou Grilli

The Growth of ACH and the Decline of the Personal Check

[Editor's Note: This article was previously published in CU Management magazine on Cues.org and has been modified]

Two sets of numbers were recently released by NACHA and the FED, respectively: ACH transactions are up over 5%, and checks are declining by 2%. Neither of which are eye-popping numbers, but when taken together, raises the question: what does this mean for credit unions?

First a deeper dive into the growth of ACH. NACHA is a not-for-profit responsible for managing, governing and administering the ACH network. The most recent numbers from NACHA’s president, Janet Estep, claimed that ACH transaction volume rose 5.3 percent to 25.5 billion, representing a transfer of $43.7 trillion. While 5.4% growth sounds slightly anemic, a denominator in the billions takes a big numerator just to move a few percentage points. And to complete the math, that’s an average transaction of $1,748.

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Posted: Jan 12, 2017
Comments: 0
Author: Lou Grilli

Mobile P2P users in the U.S. will grow from 69 million to 126 million by 2020

Credit and debit cards have become the non-cash standard way to pay merchants, due to ubiquitous acceptance and worldwide standards. But when it comes to paying another person, there is no standard way to do so, and many hurdles stand in the way of completing a person-to-person (P2P, sometimes called peer-to-peer) transaction. It certainly is not due to lack of need. Roommates splitting the rent and the utilities, diners sharing the bill, friends sending monetary gifts for a birthday, and travelers splitting vacation costs are the top 5 use cases for P2P payments, which represents $50 - $80 billion in payments. This number is hard to pinpoint, since the vast majority of these P2P payments are still being made using cash and to a decreasing extent, personal checks.
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Posted: Sep 15, 2016
Comments: 0

Same Day ACH payments are on the way and are expected to have huge impact.

Same Day ACH payments are on the way and are expected to have huge impact on how payments are made in today’s environment. Same Day ACH is planned to move payments and payment related information quicker to ensure any ACH payment can reach anyone, anywhere across the country regardless of which credit union or bank is used. 

 
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