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 . . .
It’s great to be great, but it’s greater to be human ~ Will Rogers
One of my father and husband’s favorite TV characters was Andy Rooney, who appeared at the end of every 60 Minutes episode with a short critique on the condition of the world. Andy was the dessert at the end of the informative and serious news program, culminating with a rise of his bushy eyebrows, a twinkle in his eyes, and his witty, often acerbic insights about the way things were. And was often said, he could say so much with just a few words.
Tomorrow doesn’t matter, for I have lived today ~ Horace
A young, grey cat with the greenest eyes wandered into our yard last week and made serious eye contact appearing to ask for my assistance. Not particularly a cat lover, I hoped she would go away, but after hours of continual pacing and meowing, I poured some milk into a bowl. Needless to say, Greyling knew she had found a friend and yes, I did name her.
Success is a ladder than cannot be climbed with your hands in your pockets ~ American proverb
In a country often filled with broken promises and lip service, it’s refreshing to look at the track record of the Electronic Payments Association (NACHA), who introduced Same Day ACH for credits 5 years ago. NACHA, the rule maker and governing body, for most financial transactions in the U.S., promised yearly enhancements to Same Day ACH including adding debits, expanding the hours to submit payments, and increasing the dollar limit for each payment. The payment’s world salutes NACHA for their honesty, transparency, commitment, and follow-thru.