Amid the movement from paper processes and checks to electronic means of getting funds where they need to go, the ACH Network reported mid- to high-single-digit payment growth in the first quarter of 2019 — with notable growth in B2B. Elsewhere, JPMorgan is reportedly “rebooting” its blockchain-driven JPM Coin efforts.
Data from the ACH Network shows growth in payment volumes and values across a number of classifications. That’s especially true in B2B payments, where the numbers show 9 percent growth year over year.
More generally, the network reported that the total number of payments was up 5.8 percent from the previous year. In all of 2018, there were 27 billion ACH payments, with roughly $51 trillion in value that moved across the network.
Drilling down into the data, the overall average daily payments volume was up 7.5 percent. In February 2019, there was a daily record set, when the volume was past 100 million ACH payments per day. Online (internet-initiated) payments were up 10.3 percent to 1.6 billion.
In a statement, Nacha COO Jane Larimer said, “The [Q1] results show that the ACH Network is poised for another year of sustained growth. With additional enhancements to Same Day ACH coming later this year and into next year, the ACH Network will continue to meet the needs of the nation’s consumers, businesses and governments for fast and efficient payments well into the future.”
Separately, JPMorgan Chase has reportedly overhauled its blockchain platform that underpins the JPM Coin. Per reports on FXStreet, the bank’s version of the Ethereum blockchain has been changed to make it easier for firms to adopt and deploy. The company had announced a partnership with the Microsoft Azure blockchain service, through which the bank’s Quorum blockchain is preferred for Azure Cloud.
In other news, Deutsche Bank said it is working with Malaysia’s instant credit clearing system, DuitNow, to process payments for corporate clients. The bank said the real-time fund transfer platform boosts client payment times and transparency in Malaysia. According to commentary from Deutsche Bank, DuitNow serves to help Malaysia move from a check-based payments infrastructure to an instant credit clearing system.
As the bank noted in a release, Jacqueline William, head of global transaction banking for Malaysia, said, “We are supportive of the government’s efforts to modernize the payments infrastructure in Malaysia, and will continue to invest in such initiatives. DuitNow stands to greatly benefit our corporate clients by increasing the speed of local payments.”
By using DuitNow, companies do not have to provide employee bank data to facilitate payments or reimburse expenses. All that is required are national ID numbers. Instant payment by proxy is available in Singapore, Thailand and Malaysia, said Deutsche Bank, which added that cross-border money flows will be set to debut within ASEAN in the next 12 months.
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