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- Same-day ACH payment volume topped 1.2 billion payments in 2024, said Nacha, the automated clearing house rule maker, and was valued at $3.2 trillion. Nacha said same-day ACH volume increased 45.3% from 2023 to 2024. Overall, ACH Network payment volume rose 6.7% from 2023 to 2024, to 33.6 billion payments in 2024. The value of those payments was $86.2 trillion, an increase of 7.6%, Nacha said. “All major ACH transaction types experienced growth in same-day processing,” a Nacha spokesperson said.
- Payments provider NMI released its NMI Customer Token Vault, an extension of its NMI Gateway. The new service introduces network tokenization with a dynamic token issued and managed by card networks. It also can store and protect sensitive card data for processor agnostic provider tokens, NMI said.
- An annual business report from Square, the point-of-sale unit of Block Inc., indicates increasing reliance on loyalty programs among restaurants, with 71% planning to increase investments in loyalty and rewards in the next 12 months. Some 83% say loyalty programs increase order size and 82% indicate they lead to repeat business. The online survey queried 6,000 business owners and managers in the restaurant, retail, and beauty segments in the U.S., Canada, the United Kingdom, and Australia.
- A survey from FICO reveals 91% of consumers in Canada have sent real-time payments, while nearly half (48%) indicate better fraud-detection would be the “most impactful” step their bank could take to shield users from scams. FICO’s 2024 Scams Impact Survey: Canada surveyed 13,000 consumers globally in July.
- Research from gift card provider Blackhawk Network found that 56% of consumers purchased a gift card this past holiday season, an 8% increase over the same period in 2023. On average, the total value spent on gift cards was $209, compared with $161 a year prior. Blackhawk surveyed 2,012 U.S. consumers earlier this month.
- Visa Inc.’s Visa Foundation said it is donating $2 million to help in relief efforts following the wildfires in the Los Angeles area.
- Trump Media and Technology Group Corp., parent of social media platform Truth Social, is launching financial services and its fintech brand Truth.Fi.
- Consulting IQ said its partnership with Mastercard Inc. enables Mastercard Business cardholders to access Consulting IQ’s digital resources for micro, small, and medium-size businesses, which includes key performance indicators, a forum for business owners, classes, and advice from consultants.
- Finzly, a payments platform for banks, said Wings Credit Union has gone live on its Fedwire platform for payments aligned with the ISO 20022 standard.
- InComm Payments said its InComm Healthcare unit is working with Uber Health to start offering benefits for health plans. Members will be able to order meal and grocery deliveries on Uber Eats using plan funds.
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