Digital Payments: Moving at the Speed of Light
The digital transformation in the financial industry has been profound. Internet access and smartphone penetration are driving the phenomenal growth of digital payments. What once required a trip to a local bank can now be accomplished with a few clicks or swipes on a smart screen.
The ACH Method: The Unseen Hero
The ACH Method, an electronic funds-transfer system run by the National Automated Clearing House Association in the US, has been a key player in this revolution. It allows funds to be moved between banks without using paper checks, wire transfers, credit card networks, or cash.
Popularity Surge: Reasons Behind the Adoption
There are several key factors behind the ACH method’s popularity. It eliminates the need for physical checks and other traditional banking methods, cutting down on paperwork and reducing workload. It is also appreciated for its speed, security, and convenience.