UMACHA 50 years of guiding payments

UMACHA & the 2020s

Number of Employees: 15


From 2020 to today, electronic payments have experienced rapid growth, driven by the digitalization of financial services and the impact of global events like the COVID-19 pandemic. In 2020, the pandemic caused a significant shift in consumer behavior, with lockdowns and health concerns accelerating the transition from cash to digital payments. Contactless payment methods, including mobile wallets like Apple Pay, Google Pay, and Samsung Pay, saw a surge in adoption as people prioritized hygiene and convenience. The use of Near Field Communication (NFC) technology also rose, as businesses embraced contactless point-of-sale (POS) systems to reduce physical interactions.

The rise of e-commerce has further cemented the dominance of digital payments. As more consumers shifted to online shopping during the pandemic, payment gateways and fintech solutions experienced unprecedented demand. Companies like PayPal, Stripe, and Square grew significantly by offering seamless, secure online payment solutions. At the same time, traditional banks were forced to accelerate their digital transformation efforts, creating new apps and integrating with fintech platforms to meet customers’ expectations for instant, digital-first payments.

In addition to consumer-facing payments, innovations in business-to-business (B2B) payments also progressed rapidly. Cross-border payments became faster and more efficient thanks to the rise of blockchain technology and decentralized finance (DeFi). Cryptocurrencies like Bitcoin, Ethereum, and stablecoins began to play a more significant role in international transactions, offering alternatives to traditional banking systems and reducing transaction times and costs. Large companies and institutions also started experimenting with central bank digital currencies (CBDCs), reflecting growing interest from governments in digitizing their currencies to modernize the global financial infrastructure.

As of today, digital payments have become a critical part of the financial landscape, with a growing emphasis on security, privacy, and user experience. The U.S. has made significant strides in instant payment infrastructure with systems like Real-Time Payments (RTP) and the newly launched FedNow, enabling financial institutions, businesses, and consumers to send and receive money almost instantly, 24/7. These developments are pushing the adoption of faster, more efficient payment solutions, which are expected to enhance competition and accessibility in the payments ecosystem. Looking ahead, the continued expansion of payment technology is expected to further reshape global commerce, with innovations like embedded finance, AI-driven fraud prevention, and open banking leading the charge in the evolution of how people and businesses handle money.



2020

Despite the global COVID-19 pandemic in full swing, UMACHA continues to perform ACH audits by pivoting primarily to remote engagements.

Nacha Rule Amendment: Increasing the Same Day ACH Dollar Limit 

  • Effective March 20, 2020
  • This rule is a major enhancement to Same Day ACH, as the dollar limit per payment quadruples to $100,000. Among the many uses of Same Day ACH, B2B payments are expected to reap some of the biggest benefits.

Nacha Rule Amendment: ACH Contact Registry

  • Effective July 1, 2020
  • An industry resource – the ACH Contact Registry - was created for financial institutions to be able to more easily connect with other financial institutions about ACH operations, exceptions and risk management. In order for the ACH Contact Registry to be a valuable, Network-wide resource, all financial institutions participating in the ACH Network need to participate. This rule enables the creation of this resource by requiring the registration of contact information by all financial institutions that participate in the ACH Network.

UMACHA's Navigating Payments is hosted virtually for the first time in its history.



2021

    Nacha's 'Meaningful Modernization' goes into effect - a series of five Rules added to the ACH Network to modernize and adapt to changes in the network.

    Nacha Rule Amendment: Meaningful Modernization

    • Effective March 18, 2011
    • These Rules intend to improve and simplify the ACH user-experience by: Facilitating the adoption of new technologies and channels for the authorization and initiation of ACH payments; Reducing barriers to use of the ACH; Providing clarity and increasing consistency around certain ACH authorization processes; and Reducing certain administrative burdens related to ACH authorization

    UMACHA becomes a hybrid, remote-first distributed workforce and downsizes to a smaller office space.



    2022

    The Same Day ACH limit increases to $1 million per entry.

    Nacha Rule Amendment: Increasing the Same Day ACH Dollar Limit

    • Effective March 18, 2022
    • This rule will continue to expand the capabilities of Same Day ACH. Increasing the Same Day ACH dollar limit to $1 million per payment is expected to improve Same Day ACH use cases, and contribute to additional adoption.

    Micro-Entries & Nested Third-Party Senders are defined in the Nacha Rules.

    Nacha Rule Amendment: Micro-Entries (Phase 1)

    • Effective September 16, 2022
    • This Rule will define and standardize practices and formatting of Micro-Entries, which are used by some ACH Originators as a method of account validation

    Nacha Rule Amendment: Third-Party Sender Roles and Responsibilities

    • Effective September 30, 2022
    • This Rule clarifies the roles and responsibilities of Third-Party Senders (TPS) in the ACH Network by addressing the existing practice of Nested Third-Party Sender relationships, and making explicit and clarifying the requirement that a TPS conduct a Risk Assessment.

    UMACHA holds its first in-person, post-COVID Navigating Payments conference at the Heritage Center in Brooklyn Center, MN.

    UMACHA adds Wire Transfer Risk Assessments & Audits of Internal Controls to its Compliance Services.

    UMACHA launches new branding/logo with tagline: Sharing Knowledge. Creating Peace of Mind.



    2023

    UMACHA surpasses 1,000 followers on LinkedIn.

    FedNow goes live to enable individuals and businesses to send instant payments through their depository accounts.



    2024

    UMACHA supports Nacha’s Faster Payments Professional certificate program, which will become the Accredited Faster Payments Professional (AFPP) program in 2025.

    UMACHA celebrates its golden anniversary after 50 years of serving its members in the payments space.

    In honor of its 50th anniversary, UMACHA themes its 2024 Navigating Payments conference as "Looking Back. Moving Foward."




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    2020 - 2024 Navigating Payments logos


    2020 - 2025 ACH Rule Books


    2020: UMACHA staff wishing it's members a safe & socially-distanced Memorial Day during the first year of the COVID-19 pandemic.


    UMACHA President & CEO Angi Farren virtually giving her opening remarks at Navigating Payments 2021: Re!magined


    2021: UMACHA staff taking in a Minnesota Vikings game at U.S. Bank Stadium

    L to R: Sara Hentges, Danyell Pozorski, Jennifer Miller, Kim Ellis


    All-staff photo from Navigating Payments 2022, with everyone donning their western-themed attire


    2022: UMACHA's fifth & current logo


    2023: UMACHA's all-staff gathering, which included a 'Christmas in June' gift exchange, professional photos & head shots, & lunch at Dave & Busters


    2024 - L to R: Nate Itzen & Andy Benhardus hard at work reviewing a slide deck for an upcoming presentation


    2024: UMACHA's all-staff gathering, which included a 'Christmas in June' gift exchange, a DiSC assessment, & a chartered boat float around Lake Minnetonka