January 8, 2021
To know what is right and not to do it is the worst cowardice.
In my lifetime, I have been called brash, bold, sassy, and mischievous, so I pay attention when a company, and a new one to boot, jumps out of the starting gate, bragging how they are going to transform the way a consumer’s credit worthiness is measured. Whoa, who does this RIBBIT think they are, challenging a status quo system that has been around since the 1860s when merchants shared lists of villagers who failed to pay their debts? But as Confucius says – To know what is right and not to do it is the worst cowardice.
RIBBIT is the steroid offspring of Cash Flow Solutions, a 22-year electronic payments provider, and Transaction Science, a groundbreaking predictive analytics company. Together as one, RIBBIT utilizes patent-pending bank behavior analytics to meet the demands of a rapidly changing world to accelerate financial freedom for all people with better data supporting superior outcomes.
RIBBIT’s BankINSIGHTS suite provides adaptive bank analytics for instant credit decisioning, account onboarding, and payments from a single API connection. The combined company’s products are designed to simplify financial decisioning without the need for multiple providers, including:
- Instant, predictive insights into affordability on 99% of bank accounts
- Non-credentialed and credentialed bank account onboarding and underwriting
- Proprietary, customer-driven user interface to instantly enroll any bank account
- Account verification and transactional behavior analytics
- Tokenized ACH and Same-Day ACH payment processing
In a changing market, RIBBIT’s adaptive learning methodologies more accurately predict financial outcomes in a turbulent economy. The AI-enhanced platform turns bank and payment data into decisioning intelligence for assessing risk and offering affordable financial products. RIBBIT’s proprietary network accesses billions of financial data points to present an authentic, holistic picture of a customer’s ability to afford a payment or a loan. Lenders, fintechs, and banks are leveraging the technology to evaluate applicant’s creditworthiness and ability to pay.
The unimaginable pandemic has reminded us that we must continue to move forward in our thinking lest we be left behind. It’s a time to explore the silver linings and learn from the lessons: hope rises like a Phoenix from the ashes of shattered dreams ~ S.A.Sachs.
Welcome RIBBIT, perhaps you are one of the silver linings.
Stay tuned . . .
A man should first direct himself in the way he should go. Only then should he instruct others ~ Buddha
Old fashioned lay-a-way made so much sense, a way to reserve your product, and pay for it when you actually had money, thus taking possession. It gave consumers time to rationally think about the necessity of the purchase and time to budget the appropriate money. Lay-a-way was a safeguard against impulse buying and going into debt, a fear today that doesn’t resonate as much with consumers or merchants. As a result of Covid, online shopping grew-up, and the Buy Now Pay Later (BNPL) market arrived or rather exploded on the POS scene giving credit cards a run for their money.
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.
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.