Personal and professional growth is a must for everyone, whether you’re starting your career, eyeing retirement, or somewhere in between. It’s one of the reasons Nacha introduced its on demand learning management platform SPEAK: Strengthening Payments Engagement and Knowledge. The payments industry is anything but stagnant. Yet how much do you know about cryptocurrencies, AI, or other emerging topics? How about Same Day ACH and account validation? What will new trends mean for the industry and how are things going to change? 

Within four days of the Maryland RELIEF Act of 2021 becoming law, the state processed 98% of the payments—nearly two-thirds of which were made by Direct Deposit. How did they do it? In a word, preparation.  The RELIEF (Recovery for the Economy, Livelihoods, Industries, Entrepreneurs, and Families) Act provides automatic payments to Maryland state taxpayers with low to moderate incomes who filed for and received the Earned Income Tax Credit on their 2019 state returns. 

Editor’s note: This article kicks off a 2021 series of blog posts to help you put ACH to work in your organization. The next post addresses, “5 Reasons Why It’s Crazy for Businesses to Write Checks.” If you’ve experienced the “joy” of having teenagers matriculating through middle and high school, you’ve no doubt heard the question, “Why do I have to take algebra?” 

Many dentists have yet to experience the benefits of receiving insurance claim payments by ACH, but there are encouraging signs, a new report found. “Although the majority of dental payments are made via a paper check, the industry is seeing an uptick in the number of electronic dental payments, specifically for dental providers who have historically been hesitant to trust the exchange of electronic funds,” noted the 2020 CAQH Index.

The third Same Day ACH processing and settlement window will take effect on Friday, March 19. As of that date, files of Same Day ACH payments may be submitted by an ODFI to its ACH Operator up to two hours later in the day. Are you ready? Same Day ACH Resources To prepare, Nacha wanted to remind you of resources that are available:

You wouldn’t set out on a road trip without directions. After all, who wants to go 200 miles west only to discover you were supposed to go 100 miles east? So why would a business set up shop and work hard, without getting directions on the right way to handle payments? Unfortunately, that’s been known to happen. And fintechs, for all the brilliance that often goes into them, are no exception.

You are invited to the Payments Innovation Alliance's Winter 2021 Virtual Meeting on Feb. 23-25. We have three dynamic sessions each day and have amped up the fun factor throughout, so this is the meeting you don't want to miss. Below is a sampling of the panel discussions that are available.  The Amazing Race: Faster Payments Edition

In a year in which life was turned upside down, many of the institutions we depend on came close to the breaking point. Hospitals set up tents in parking lots, or makeshift facilities in convention centers, to care for COVID-19 patients. The U.S. Postal Service was overwhelmed by the volume of packages during the holiday season. State unemployment websites and phone lines crashed as those left jobless by the pandemic sought urgently needed benefits.

Sometimes, changes to the Nacha Operating Rules come in two parts. Such is the case with the Rule on Differentiating Unauthorized Return Reasons, where the second part will be implemented soon.

When the pandemic hit, a lot of people suddenly found themselves out of work and in need of savings to weather the storm. The trouble is that even before COVID-19, many Americans didn’t have much put away. This highlights the importance of America Saves Week, Feb. 22-26. Once again, Nacha is pleased to support this annual initiative of the Consumer Federation of America. 

Without a doubt, becoming an AAP is great for career growth, but Brenda Eckert, AAP, sees even more importance in achieving the accreditation. “At Wells Fargo we have a strong focus on the AAP. We feel there is so much value in helping our customers and doing our part to ensure the ACH Network is a quality network,” said Eckert, Senior Vice President, Treasury Services Manager, at Wells Fargo in Minneapolis. 

All those who don’t like getting their money faster can stop reading here.  For the rest of us, if you’re expecting (or at least hoping for) a tax refund this year, make sure to give the IRS your Direct Deposit information.  It’s a great idea in general, but this year there are additional reasons for ensuring your refund goes straight to your bank account. For one thing, the IRS said recently that nine out of 10 taxpayers will receive their refund “within 21 days of when they file electronically” if they use Direct Deposit.