Le Lézard
Classified in: Science and technology, Business
Subjects: CHI, DEI

Nacha Commends IRS for Sending 430,000 Child Tax Credit Payments by Same Day ACH


HERNDON, Va., Sept. 24, 2021 /PRNewswire/ -- Today, the U.S. Internal Revenue Service (IRS) sent over 430,000 Advance Child Tax Credit (ACTC) payments by Same Day ACH to quickly and securely reach the majority of families that had received ACTC payments in July and August but didn't receive their September payments.

"We commend the IRS for turning to Same Day ACH to deliver urgently needed Child Tax Credit relief payments to American families in a matter of a few hours," said Nacha President and CEO Jane Larimer. "The ACH Network offers the Same Day ACH capability for these and other time-sensitive payments, including disaster and other relief payments."

About Same Day ACH

Same Day ACH payments are processed and received in as fast as a few hours and this faster payment capability is an essential component of the modern ACH Network. Same Day ACH can reach all U.S. bank and credit union accounts for consumers, businesses and government entities.

Same Day ACH marked its fifth anniversary on Sept 23, 2021. Since its launch, 1.2 billion Same Day ACH payments have been made totaling $1.5 trillion. In the first half of 2021, Same Day ACH volume rose 86.3% to 291 million and value increased 123% to $439 billion from the first half of 2020.

About Nacha

Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. Nearly 27 billion ACH Network payments were made in 2020, valued at close to $62 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation and advisory services.

Contact: Victoria Day
Nacha
703-561-3952
[email protected]

SOURCE Nacha


These press releases may also interest you

at 06:17
NEI Global Relocation's latest whitepaper, "2024 Relocation Trends | Manufacturing," provides a compelling look into how innovative relocation strategies are crucial for the manufacturing sector's talent acquisition and retention efforts. This comes...

at 06:13
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") , one of the largest and most innovative solar module manufacturers in the world, today announced that since March 20, 2024, the Company has repurchased 788,178 American depositary shares...

at 06:08
ConTemporary Locums, a physician-focused medical staffing company, is ushering in a new era with a bold rebrand: Era Locums. This brand evolution marks a commitment to continued innovation and a deeper connection with the company's physician and...

at 06:00
G-P (Globalization Partners), the recognized leader in the global employment market, and standard bearer for industry compliance, today announced it was awarded 50 leader badges in G2's 2024 Spring Report, including Employer of Record Leader, Global...

at 05:45
The Gross Law Firm issues the following notice to shareholders of New York Community Bancorp, Inc. . Shareholders who purchased...

at 05:30
Cato Networks, the SASE leader, announced a new SASE throughput record here at the Porsche Studio Ginza ahead of the 2024 Tokyo E-Prix, achieving 10 Gbps without hardware upgrades. At 10 Gbps, Cato became the first SASE platform to compete not only...



News published on and distributed by: