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 . . .
Former FactorTrust Founder/CEO, Greg Rable, Joins RIBBIT Board of Directors
OXFORD, Ohio, April 12, 2022 /PRNewswire/ — Today, RIBBIT Inc. announced the appointment of Greg Rable to the RIBBIT Board of Directors. As the former Founder/CEO of FactorTrust, since acquired by TransUnion in 2017, Greg brings over 25 years of management and strategy experience, combined with a history of building successful fintech and alternative data businesses for the consumer finance space. In his role, Mr. Rable is helping guide the RIBBIT leadership team and promote the growth of bank behavior data as a powerful and necessary predictive data solution.
Getting Real with Financial Inclusion
Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity ~ Sri Mulyani Indrawati
How arbitrary are the words ‘financial inclusion’; who’s in, who’s out and why is it so unfair? If a consumer is ‘in,’ there are financial opportunities for building a better life. If a person is ‘out,’ good luck with climbing out of a deep money pit. Today’s financial institutions think they are building a more inclusive process. However, many are still using information reflective of historical bias so if it didn’t work then, it ‘ain’t gonna work now’.
Why Interpretation of Data Matters
When a man gives you a rose, what you see may not be what he intends~ Patrick Rothfuss
Assessing information is the foundation of most of life’s important decisions. Mistakes are made when the data is unavailable, unclear, inaccurate, insufficient, immaterial, or unjust. How many people have suffered throughout history by poor decision-making? Like it or not, today’s world is data driven, hopefully an information mecca for making insightful, educated, proven and unbiased decisions. However, data is just that, information on a page, it becomes meaningful only when it is wisely analyzed and interpreted.