September 23, 2021
Don’t just count your years, make your years count
~ George Meredith
Well, well, ACH, what an accomplished, agile 5-year-old you have grown into along with the support of your NACHA parents, encouraging your growth and enhancing your skills every year. Since September 23, 2016, you have matured, up from “13 million payments the first year to over 141 million payments in just the first quarter of 2021, valued at $187.6 billion, increases of 88% and !33% respectively from a year earlier,” according to Payments Post. Motivating Americans to use Same Day ACH has created an addiction for speedy payments which may push payments over 600 million this year.
NACHA kept its promise adding enhancements and rule changes every year to incentivize usage of the same day transfer of funds. Michael Herd, Nacha’s senior V.P. reported some of the ongoing improvements: same day ACH debits, advanced funds availability, expanded operating hours for financial institutions to submit the payments, and raised the limit to $100K per payment. Herd boasted that in March 2022, the limit will be increased to a whopping $1M per payment for both debits and credits, expanding opportunities for “business-to-business and insurance claims, as well as payroll funding, as just a few examples of future growth. This increase will apply to businesses and consumers. Herd encouraged banks and credit unions to help their clients or members make the greatest use of Same Day ACH,” all reported in the summer, 2021 Payments Post.
The Payments Post also announced that in the “first quarter of 2021, Same Day ACH transacted $1 billion payments since inception with a combined total value more than $1 trillion.”, Congratulations Same Day ACH, you are now the big kid on the block and still growing at a phenomenal rate.
Security is always at the forefront when debiting funds from one account and crediting them into another. Fortunately, RIBBIT.ai has built a fortress around ACH security, enriching their staff with 3 Accredited ACH Professionals (AAPs), a rarity to have so many in one payments company. AAPs work with financial institutions to ensure they operate within the confines of NACHA’s rules and regulations. RIBBIT’s AAPs keep the company compliant, secured, updated, and informed about the ACH services in the electronic payments industry. The ACH rules are complex and challenging so having experts on staff is essential to keeping a staff educated at all times.
Hey ACH kid, the skies are the limit so keep evolving and creating opportunities for the financial arena. The RIBBIT team heads your fan club and wishes you a happy birthday!
Stay tuned . . .
Whoever acquires knowledge and does not practice it remembers him who plows his land and leaves it unknown ~ Sa’di Gulistan
What could possibly entice Rick Fiorito, a just-retired, financially secure, new Floridian, and renowned payments-guru to even consider leaving the beach for an opportunity to disrupt the financial services landscape? Rick, at least, let the dust settle from your recent industry-wide retirement announcement from Mastercard. “Joining RIBBIT.ai as their COO is an opportunity I simply couldn’t miss,” Rick knowingly smiles.
The biggest problem in the world could have been solved when it was small ~ Bynner
Identity theft is running rampant; my husband was recently a victim when someone tried to take out a loan in his name. Thankfully, the lender turned the thief down and sent my husband a letter explaining the refusal. Good luck with that scam. It felt offensive on two levels: one with the sleazy thief, another with the clueless lender since my husband died five years ago.
Failure is not fatal, but failure to change might be ~ John Wooden
Have you ever noticed how some criticism can play havoc with your hearing and scrambles your brain? Words are suddenly hard to decipher and the ego is instantly drawing up offensive plays to counter act the severe disapproval. It becomes almost impossible to achieve a workable solution when one party is on the attack while the other is strategizing a bloody coup d’état.