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 . . .
The word remote is such a lonely word, bringing up images of an isolated cabin in the woods, hungry wolves prowling about, and potentially a shortage of food and supplies. Today’s remote office/branch office (ROBO) is often the polar opposite of the Hansel and Gretel version. ROBO is usually set up in the employee’s house often located in a separate town, state, or country from the company’s main office.
Never be afraid to fail. Failure is only a stepping stone to improvement ~ Tony Jaa
I remember my young daughter’s disheartening basketball coach yelling at the team “don’t shoot the ball unless you are going to make it.” Naturally, the team was afraid to shoot the ball so they never scored enough points to win. An enlightened coach would have said “shoot the ball until you make it.” Giving the girls permission to miss the basket without fear of blame would have released their potential. This same philosophy in the workplace is liberating: push yourself, learn from mistakes, and use your knowledge to improve. Slam dunk!
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.