The Payments Podium

Join us for a remarkable continuation of our exploration into the history of electronic checks on "The Payments Podium." This episode features the insightful stories of Phyllis Meyerson and David Walker, key figures in the journey towards the Check 21 Act. As we pick up from the suspenseful moment at the White House guardhouse, David takes us through his memorable walk up to the West Wing, leading to the historic signing of Check 21 by the President. Discover the surprising reactions, the immediate aftermath, and the progressive adoption of electronic checks post-signing. The conversation then shifts to the critical role of the Federal Reserve in facilitating this banking revolution, highlighting the seamless transition banks experienced and the significant impact on the economy. Phyllis and David also delve into the creation of the National Check Professional (NCP) certification, emphasizing its importance for the future of payment professionals. As we ponder the future of checks, our guests share their insights on the enduring relevance of checks in the business world and the untapped potential for further digital transformation. This episode is a must-listen for anyone fascinated by the intricacies of payment systems and the continuous evolution of the financial industry.

In this episode of The Payments Podium, the Professor welcomes Tom Burgess from Snipp.com to discuss innovative approaches to navigating interchange fees. The conversation delves into these fees' impact on merchants and organizations and explores potential solutions that can benefit both consumers and financial institutions. Tom shares insights on how targeted advertising through banking apps can enhance user experience and provide financial benefits to consumers, banks, and merchants alike. This engaging discussion covers a range of topics, including electronic banking innovations, the effectiveness of coupons in the banking sector, and the broader implications for community banks and credit unions.

Dive deep into the groundbreaking journey of Check 21 in the latest episode of "The Check21 Blockbuster Story" podcast. Join us as we unravel the intricate history and pivotal moments that shaped the Check Clearing for the 21st Century Act, with exclusive insights from the authors of the definitive book on the subject, Phyllis Meyerson and David Walker. Discover the challenges and triumphs experienced by the key figures behind this monumental shift in banking, from the early days of check processing struggles to the innovative leap towards electronic transactions. Learn about the crucial role of Echo, the behind-the-scenes negotiations, and the surprising involvement of a Colonel who helped keep the economy afloat post-9/11. Plus, don't miss the intriguing account of the presidential signing ceremony with President George Bush that officially marked the advent of Check 21, transforming the landscape of electronic payments forever. This episode offers a detailed look at the legislative process and highlights the collaborative spirit and determination that made Check 21 a reality. This podcast episode is a must-listen for banking professionals, history enthusiasts, and anyone curious about the evolution of Check 21.

In this captivating episode of "The Payments Podium," join us for an exclusive journey through the evolution of electronic checks, featuring the legendary Phyllis Meyerson and David Walker. Discover the untold stories and pivotal moments that transformed the check processing landscape. From the manual and chaotic early days of check handling, including checks literally falling off trucks, to the innovative leap toward electronic transactions, this episode is packed with fascinating insights and anecdotes. Learn about the genesis of the idea that led to Check 21, the monumental effort to convince the banking industry, and the legislative challenges that were overcome. This special edition goes beyond the typical discussion, offering a behind-the-scenes look at how electronic payments pioneers navigated the complex world of checks, culminating in the landmark Check 21 Act. Whether you're a payments professional or simply curious about the history behind today's electronic transactions, this episode promises an enlightening and entertaining exploration of how a crucial aspect of the banking system was modernized against all odds.

Welcome to this enlightening episode of "The Payments Podium," where today we will dive deep into the evolving world of point-of-sale (POS) technology and its impact on small businesses. Join us as our host, alongside special guest George from the pioneering company Swoop, explores the seldom-discussed but critical aspects of POS systems. We address the pressing issues small businesses face, debunk the myth of complexity in electronic payments, and reveal how modern POS technology can do much more than just process payments. From enhancing customer experience with seamless transactions to integrating payroll, accounting, and inventory management—all within a budget that small businesses can afford—this episode is a treasure trove of insights for entrepreneurs looking to leverage technology to thrive. George also sheds light on the friction points within electronic payments and offers practical advice for businesses aiming to offer a broad range of payment options without the burden of excessive fees. Whether you're a local food truck owner, a salon proprietor, or run a small landscaping service, this episode is packed with actionable strategies to upgrade your POS system, reduce operational friction, and set your business up for success. Plus, don't miss our discussion on the future of POS technology and how instant payments could reshape the landscape. Tune in to discover how to make technology work for your small business and stay ahead in the digital age.

In this engaging episode of the Payments Podium Podcast, the Payments Professor Professor, Kevin Olsen, and Lisa Coffey, Chief Innovation Officer at Corporate America Credit Union, dive into what it means to be a corporate credit union. They kick off the discussion by clarifying the fundamental differences between banks and credit unions. Lisa, bringing her expertise from Corporate America Credit Union, sheds light on the journey from microfilming checks to climbing the ranks in electronic payments. The conversation navigates through the evolution of financial services, emphasizing the role of technology in facilitating broader reach and efficiency. A key focus is on how corporate credit unions operate, like a credit union for credit unions, providing essential services such as liquidity, investment opportunities, and technological solutions to their members. These offerings enable smaller community credit unions to offer services comparable to larger financial institutions, leveling the playing field in the financial sector. The podcast also touches on the active involvement of corporate credit unions in industry-wide regulatory and innovation discussions, highlighting their role in representing community credit unions at a national level. Lisa and Kevin discuss the future of payments, exploring how corporate credit unions aid their members in staying relevant and competitive in the rapidly evolving landscape of electronic payments, including the adoption of instant payment systems like RTP and FedNow. Overall, the episode offers valuable insights into the function and impact of corporate credit unions, emphasizing collaboration and innovation in the financial industry.

In this episode, the Payments Professor sits down with Malinda Rickel from The Bankers Bank and Mary Williams from United Bankers to delve into the concept and operations of a bankers' bank. The discussion offers an in-depth look at how these specialized banks function, their role in the banking industry, and their significance to community banks. Malinda and Mary, with their extensive experience in the banking sector, provide valuable insights into the services offered by bankers' banks, such as lending, payment processing, and risk management. They also explore the relationship between bankers' banks and their clients, highlighting how they support smaller banks in meeting regulatory requirements and competing in the market. This episode is a must-watch for anyone in the financial industry looking to understand the unique dynamics and benefits of bankers' banks and those seeking expert perspectives on current trends and challenges in the banking world

In this inspiring episode, Ian, a seasoned fraud fighter with 25 years in banking, shares his multifaceted journey. Beyond his professional role as the head of fraud in several banks, Ian is also the founder of a nonprofit, The Knoble, dedicated to combating human crimes like trafficking and child exploitation. Ian's mission is deeply rooted in making a positive difference in the world through his unique skills and quirky personality. He reflects on his career realization that behind each financial transaction, there could be a human being being exploited, thus shifting his focus to fighting human crimes. Ian discusses the financial motivations behind various human crimes, including scams, human trafficking, child exploitation, and elder financial abuse. He emphasizes the crucial role of the financial industry in this fight, given its intersection with these crimes through payment mechanisms. Ian's initiative, The Knoble, is a collaborative effort involving financial service executives and law enforcement worldwide, focusing on data and transaction monitoring to protect people. He encourages listeners to bring their whole selves to their work and engage with their communities to make a difference, highlighting the power of leveraging professional skills for social good. Ian's story is a testament to the impact one can have by combining professional expertise with a heart for humanity.

In this episode, Bob Steen of Bridge Community Bank reflects on his remarkable 40-year tenure in the banking industry and the evolution of payment systems. Bob shares his early experiences, starting from his military service in 1970 and his involvement in transitioning military payroll from paper to electronic format, an essential precursor to direct deposit. He discusses the bank's pioneering role in adopting check imaging in 1996, well ahead of the Check 21 Act, and its evolution to embrace instant payments with the RTP (Real-Time Payments) and FedNow systems. Bob emphasizes the significant cost savings and efficiency gains from the early adoption of electronic payment technologies and discusses the skepticism and challenges faced, particularly regarding fraud risks. He also highlights how instant payment systems have transformed banking operations, improving processes like payroll management and enhancing customer experience. Bob’s story underscores the importance of proactive adaptation and innovation in the banking sector, demonstrating a commitment to staying ahead of the curve in payment technologies. His insights offer a unique perspective on the industry's past and future, driven by technological advancements and customer-centric solutions.

Buckle up, space travelers! The Payments Podium blasts off into 2024 with Professor Kevin Olsen, Payments Elsa (Dr. Angela Murphy), and Cole Augustine of Galactic Trade Consultants. Brace yourselves for bold predictions as this galaxy-brained crew dives deep into the future of electronic payments. Tune in for a mind-bending exploration of the financial frontier! This ain't your average podcast - it's the Payments Podium, where the future of electronic money is just getting warmed up. Don't miss this cosmic conversation!

Join us on the latest Payments Podium podcast, where the Payments Professor, Kevin Olsen, teams up with Dr. Angela Murphy, aka Payments Elsa, and Cole Augustine from Galactic Trade Consultants. In this exciting episode, they share their expert predictions for the evolution of electronic payments in 2024. Tune in to gain insights on future trends, potential innovations, and how these changes might reshape the landscape of electronic transactions. #PaymentsPodium #ElectronicPayments2024 #PaymentsProfessor #PaymentsElsa #GalacticTradeConsultants

Who is Nacha? Michael Herd, SVP of ACH Network Administration at Nacha Join The Payments Professor, Kevin Olsen, for an insightful conversation with Michael Herd, SVP of ACH Network Administration at Nacha. Michael shares his fascinating journey from communications professional to payments expert, revealing his passion for the industry and its impact on everyday lives. Key Takeaways: • Learning from the Ground Up: Michael entered the payments industry without prior experience, highlighting the importance of continuous learning and adaptability. • A Network of Rules: Michael emphasizes the role of rules in ensuring the smooth operation and interoperability of the ACH network. • Open and Transparent Rulemaking: Nacha's rulemaking process involves extensive public input, leading to industry consensus and broad acceptance. • Education and Resources: Nacha offers a range of educational programs, conferences, and certifications to empower individuals and organizations in the payments space. • Same Day ACH: A Growth Engine: Michael discusses the significant adoption and expansion of Same Day ACH, highlighting its impact on various use cases. • Internet Initiated Payments & Bill Payments: Michael acknowledges the critical role of Internet-based payments, particularly in driving the decline of check usage and facilitating online bill payments. Highlights: • Michael's career shift from communications to payments administration. • The role of Nacha in setting and enforcing rules for the ACH network. • The importance of open and transparent rulemaking. • Nacha's educational offerings and certifications. • The success of Same Day ACH and its impact on various use cases. • The decline of paper checks and the rise of digital bill payments. Who Should Listen: • This podcast episode is valuable for anyone interested in payments industry, including: o Financial professionals: Gain insights into the ACH network and its operations. o Business owners: Learn how to use ACH payments effectively for your business. o Consumers: Understand how your daily payments are processed. o Anyone interested in technology and innovation: Discover the latest advancements in payments technology. Get Ready to: • Learn about the ACH network and its role in the payments industry. • Gain valuable insights from a leading expert in the field. • Discover the latest trends and innovations in payments technology. • Improve your understanding of how your daily payments are processed. Tune in to The Payments Podium to hear the full conversation with Michael Herd and learn more about the fascinating world of payments!

In this episode of the "Payments Podium" podcast, the host, Payments Professor, discusses with Ravi Sandepudi from Effective about the role of artificial intelligence (AI) in managing risks associated with electronic payments. Ravi's journey in electronic payments began at Google, where he worked on Google Pay (formerly Google Wallet), gaining extensive experience in risk management. He highlights the challenges faced in mitigating fraud, especially sophisticated attacks from fraudsters using AI, such as deepfakes for bypassing security measures like KYC. Effective, Ravi's company, focuses on using AI to assist community financial institutions in managing payment risks. He emphasizes the importance of scale and speed in electronic payments, mentioning how AI can process and decide on transactions in milliseconds, crucial for systems like FedNow, RTP, Zelle, or Cash App, where payments move instantly. Ravi explains the unique approaches of AI in detecting fraudulent activities by considering various factors like phone usage patterns and network behaviors. He also discusses the importance of human experts in complementing AI systems, especially in complex scenarios and policy compliance. Ravi foresees a future in electronic payments where digital and instantaneous transactions will be the norm, necessitating fundamentally different approaches to fraud and risk management. He advocates for continuous adaptation and the implementation of new technologies, especially for community financial institutions, to stay ahead in this rapidly evolving domain. The podcast concludes with Ravi expressing his passion for supporting these institutions and making advanced technologies accessible to them.

Join the Payments Professor as he delves into the international waters of electronic payments. This episode offers a candid chat with Gijs Boudewijn, the influential General Manager at the Dutch Payments Association. They discuss the fascinating journey of how Gijs entered the world of electronic payments, the challenges and triumphs of instant payments in the Netherlands, and the nuances of the European Banking Federation and Dutch Payments Association. Listen in as they shed light on the concerns surrounding fraud in instant payments, the essence of information, confirmation, and reconciliation in the payments process, and the ever-evolving landscape of payments as a service. Gijs also shares invaluable insights for those eager to advance their careers in the payments industry, emphasizing the importance of building relationships. This episode is a goldmine of information for those interested in understanding electronic payments from a global perspective and gaining foresight into the next big innovations in the field. Don't miss it!

From starting in Telco to battling cancer, Simon Taylor, now Head of Content and Strategy at Fintech Brain Food, has witnessed the transformative landscape of UK payments since 2005, including its 2% GDP boost. On the Payments Podium, he'll delve into the double-edged sword of faster payments leading to swifter fraud, the diminished security of push payments compared to cards, and the fading era of checks. He'll highlight the preventative strategy of warning users before transactions, the incoming "Confirmation of Payee" system under PSD3, and Europe's regulatory stronghold. Emphasizing the connection between fraud and data science, he'll shed light on Sardine's capability to detect unusual payment behaviors, especially scams targeting the elderly. With the surge of faster payments, he underlines the significance of strong customer authentication. Simon advocates for a balance in payment speed and security, suggesting that a bit of friction can be beneficial. Join us for an enlightening session on building secure payment networks and the essence of continual learning.

In this enlightening episode of the Payments Podium, we're honored to have the President and CEO of Macha, Mary Gilmiester, joining the Payments Professor. Dive deep into the intricate world of Macha as Mary reveals the essence and vision behind Macha.org. From its foundational principles to its critical role in today's financial landscape, get an inside look at what makes Macha tick. Whether you're in the finance industry, an enthusiast, or simply curious about the digital payment realm, this episode is a goldmine of information. Tune in and discover the transformative impact of Macha in our ever-evolving payment landscape!

In this episode of the Payments Professor Payments Podium Podcast, we welcome guest Paul Thomoalla, discussing the contrasting regulatory landscapes of the U.S. and Europe/UK in the payments sector. We delve into how interventionist regulators in Europe and the UK actively shape the payments ecosystem, focusing on societal benefits and often fast-tracking advancements like faster payments, initiated back in 2006. Paul highlights the evolution and impact of immediate payment plans, which are gaining traction globally, emphasizing their convenience, efficiency, and growth. We also touch upon the significance of confirmation of pay in boosting user confidence and mitigating fraud, leading to widespread adoption, growing at 20% compound annually in the UK. Paul reflects on the challenges and learnings, including addressing fraud issues and ensuring customer reimbursement, offering insights on fostering a conducive environment for the implementation of advanced payment systems to thrive in various regulatory frameworks. Don't miss out on this enlightening conversation filled with experiences, learnings, and the future of immediate payment plans in the global context!

In this riveting episode of Payments Podium, we explore the cutting-edge innovations, trends, and personalities shaping the world of payments. This week, we are thrilled to have Caroline Cypriano, COO & Co-Founder of JJ4Tech, join the Payments Professor to delve into the burgeoning landscape of instant payments in Brazil through the lens of Pix. As the financial ecosystem continues to evolve at breakneck speed, instant payment systems like Pix have captured the imagination and the market share in Brazil. Caroline Cypriano, a tech-savvy entrepreneur with her finger on the pulse of emerging payment technologies, shares her in-depth insights on how Pix has disrupted traditional banking, impacted SMBs, and offered financial inclusion to millions.

In this enlightening episode, the Payments Professor sits down with Bill Schoch, the dynamic President and CEO of Wespay. They delve deep into the world of payment systems, dissecting the evolving landscape and discussing the significant role Wespay plays in modernizing the payments ecosystem. Whether you're a seasoned professional or new to the industry, this conversation offers insights you won't want to miss! Introduction to WesPay: Bill Schoch outlines the history and mission of Wespay, highlighting how they are a thought leader in payment strategies, operations, and risk management. Innovation in Payment Systems: Wespay's influence in shaping secure, efficient, and forward-looking payment systems is discussed at length. Bill shares some success stories and insights into ongoing projects that are revolutionizing the way we transact. Regulatory and Compliance Aspects: The conversation moves into the complex world of regulations and compliance and how Wespay aids financial institutions in navigating this maze. Partnerships and Collaboration: Bill Schoch shares his views on the importance of partnerships in enhancing the payments ecosystem, shedding light on some of Wespay's most successful collaborations. Don't miss this opportunity to hear from one of the industry's most informed and influential figures. Tune in now!

In today's ever-evolving digital landscape, nothing stays constant—especially when it comes to the payments industry. From real-time payments (RTP) to FedNow and advances in customer satisfaction metrics, the financial world is buzzing with innovation. The Payments Professor is delighted to welcome Sarah Owen, a leading expert in the payments and insurance industries, to discuss these fascinating shifts and trends. Episode Highlights Current Trends in Payments: Sarah Owen dives into the current trends revolutionizing the payments space, including blockchain technologies, digital currencies, and the omnipresent rise of real-time payments. FedNow & Insurance Industry: How is the insurance sector benefiting from FedNow and RTP systems? Sarah breaks down the advantages for both consumers and businesses, helping us understand how these technological leaps contribute to smoother, more efficient operations. Customer Satisfaction: What role does consumer happiness play in shaping payment strategies? Sarah discusses how instant payments are elevating customer satisfaction to new heights, making transactions not just quick, but also more trustworthy. Emerging Trends: The industry isn't slowing down, and neither should you. Sarah fills us in on the trends you should keep your eyes on, like AI-based fraud detection and payment solutions tailored for the Internet of Things (IoT). Revenue Opportunities: Last but not least, learn how modern payment solutions not only make life easier but can also open up new revenue streams for businesses. Tune in to explore these topics and much more as we dissect what the future holds for the payments industry. Whether you're a consumer, a business owner, or just a curious mind, this episode will arm you with the insights you need to navigate the financial waves of the future.