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Episode Summary
Join us for this final episode of season 2. In this episode of Wrestling Payments, host Joseph Casali is joined by Sean Carter, President & CEO of NEACH, and Mary Mumper-Morrison, NEACH’s Education Director, for an insightful discussion on the evolving landscape of payments. The trio dives into the significant changes from 2024, including NEACH rule updates and the growing adoption of AI in financial systems. They reflect on the year’s challenges and how fraud has escalated, demanding innovative responses from the industry.

Mary shares her expertise on regulatory shifts, such as the CFPB’s personal financial data rights rule, while Sean highlights the importance of collaboration between operational and compliance teams to tackle fraud effectively. Both guests emphasize the need for clearer fraud definitions and better public education to combat scams and deception.

Looking ahead to 2025, the conversation explores emerging opportunities with FinTech partnerships, embedded finance, and AI-driven innovation. The episode wraps with hopes for reducing fraud and improving industry resilience.

 Guests-at-a-Glance
Sean Carter
President & CEO
NEACH
A payments industry veteran passionate about fraud prevention, NEACH rule evolution, and fostering collaboration within financial institutions.
LinkedIn  

Mary Mumper-Morrison
Education Director
NEACH
An experienced payments expert with 25+ years in banking & fintech, specializing in operations, audit, and regulatory guidance for payments systems.
LinkedIn  

Key Insights
AI's Role in Payments Innovation and Security

 Mary Mumper-Morrison explores the transformative potential of AI in the payments industry, from improving security to streamlining operations. She highlights how AI tools are already being leveraged to enhance fraud detection and support regulatory compliance. However, she also warns of the challenges in change management, urging financial institutions to involve employees in conversations about AI’s integration to avoid resistance and fear of job displacement.
 

The Growing Importance of Embedded Finance

Mary Mumper-Morrison discusses the rapid expansion of embedded finance and its implications for financial institutions. As embedded finance continues to grow, it will likely redefine how consumers interact with financial services and how institutions design their offerings to remain competitive.

Fraud Education Requires a Public-Private Approach

Sean Carter highlights the need for a collaborative strategy to combat fraud effectively. He explains that financial institutions alone cannot shoulder the responsibility of educating the public about scams and fraudulent activity. Drawing parallels to successful public service campaigns like Smokey Bear, Carter argues for impactful, guilt-inducing messaging that ties consumer behavior to the negative outcomes of fraud. By involving regulators, social media platforms, and telecom providers, the industry can drive meaningful change in fraud prevention and public awareness.