From ATMs so novel they didn't even have a name to AI-powered payment systems that can take your order perfectly—the payments landscape has transformed dramatically since the 1970s. Joining Chris Dryden on the Payments Experts Podcast today is Patti Murphy, the "Payments Maven of the Fourth Estate," whose four-decade journey covering payment technology offers a unique perspective on how far we've come and where we're headed.

• Beginning her payments career in 1977 editing an EFT examination handbook when ATMs were so new they didn't even have that name
 • Discussing current CFPB changes under the new administration, including regulations affecting big tech payment apps handling $13 trillion annually
 • Explaining how real-time payments differ from services like Venmo and Zelle, which appear instant but process through traditional channels
 • Exploring Durbin 2.0 and its requirements that merchants have choice of networks, with only one owned by Visa or Mastercard
 • Examining Illinois' groundbreaking payment regulation and how 20 other states are developing similar legislation
 • Looking at the evolution of ISOs through partnerships with software vendors and adoption of AI technology
 • Highlighting innovative payment technologies including AI-powered ordering systems and SKU management for small retailers
 
 Patti shares fascinating insights about her early days editing an EFT examination handbook in 1977, witnessing the birth of electronic payments when the technology was so revolutionary that people joked about "a hand sticking out of a television handing you money." That science fiction has become our everyday reality.
 
 We dive deep into current regulatory challenges facing payment processors. The Consumer Financial Protection Bureau's changing role under different administrations has created a regulatory rollercoaster, particularly for big tech payment apps handling a staggering $13 trillion in annual transactions. Meanwhile, the Illinois legislation targeting card brands represents an unprecedented state-level challenge to payment networks—with 20 other states considering similar measures. Could this finally force federal action?
 
 The conversation explores real-time payments and how they differ from services like Venmo that merely create the appearance of instant transfers. We unpack Durbin 2.0's potential impact on network competition, and how the Capital One acquisition of Discover adds a fascinating new dimension to the payments ecosystem.
 
 For payment professionals, we examine how ISOs continue to evolve through partnerships with software vendors, combining sales expertise with technological innovation. The rise of AI-powered payment solutions—from automated ordering systems to comprehensive inventory management—represents both challenges and opportunities for industry veterans and newcomers alike.
 
 Whether you're a payment professional, merchant, or simply fascinated by how money moves in our digital economy, this episode offers valuable perspective on an industry that, as Patti puts it, "is the engine that keeps the economy going." Subscribe now and join the conversation about the past, present, and future of payments!

**Matters discussed are all opinions and do not constitute legal advice.  All events or likeness to real people and events is a coincidence.**

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A payments podcast of Global Legal Law Firm