In the latest episode of NMI Payment Playbook, host Greg Myers sits down with Kate Hampton, Chief Strategy Officer at NMI, to discuss the evolving landscape of payment regulations and their impact on the industry. This episode is the third in a three-part series focusing on trends affecting payment providers, with previous episodes covering embedded payments and AI in payments.

Kate begins by providing a broad overview of key regulations, categorizing them into two main areas: 

• Those that protect system participants, such as consumers and merchants 
• Those that protect the system itself, such as anti-money laundering (AML) and know-your-customer (KYC) regulations

Kate emphasizes the importance of these regulations in maintaining the security and integrity of the payment ecosystem.

The conversation then shifts to specific regulatory trends, including the stricter regulations in the European Union, like PSD2, which aims to increase competition by simplifying rules. Kate explains that while the U.S. often adopts similar initiatives, they are typically tailored to fit the unique aspects of the U.S. market.

Open banking is another topic of discussion, with Kate highlighting its core objective of empowering consumers to control their data and drive innovation. She suggests that while open banking will likely make its way to the U.S., it will take a form suited to the American financial environment.

The podcast also delves into the Credit Card Competition Act (CCCA), which seeks to lower card acceptance costs for merchants by increasing competition. Kate outlines the potential implications of this act, including the possibility of reduced rewards for cardholders and the introduction of new consumer fees.

Finally, the episode touches on the importance of transparency in the regulatory process and the evolving role of AI in payments. Kate stresses the need for ongoing industry engagement to ensure regulations are effective and beneficial for all stakeholders.

Listen to the full episode to learn more!

In this episode, we explore how NMI is actively leveraging AI to enhance both its operations and customer experiences. Phillip Goericke, NMI’s Chief Technology Officer, and Spero Langaditis, Director of AI and Automation, shared insights on how AI is being integrated across various aspects of the company. 

Philip discussed the role AI plays in streamlining coding tasks, improving customer support through AI-driven tools and automating underwriting processes. He emphasized that AI is helping NMI deliver more efficient, high-quality outputs, such as better documentation and customer interactions, while also simplifying complex tasks for users.

Spero added that NMI is focusing on using AI to not only improve internal operations but also to enhance the usability of their products. The goal is to make their software more accessible and easier to use, thereby reducing the learning curve for new users. Both Phillip and Spero highlighted the transformative potential of AI, comparing its impact to that of the internet, predicting that AI will continue to evolve rapidly, making significant strides in areas like fraud detection, personalized customer service and risk management within the payments industry.

Looking ahead, Phillip and Spero believe that AI will play a crucial role in simplifying payments and embedding them seamlessly into everyday business tools. This could lead to a world where AI-driven dynamic integrations replace the need for manual coding and maintenance, dramatically lowering the barriers to embedding payment solutions. 

They advise payments and software providers to start investing in AI capabilities now to stay competitive, emphasizing the importance of ethical AI practices and the ongoing education of employees in this rapidly evolving field. The future of AI in payments is filled with possibilities, and NMI is poised to be at the forefront of these advancements.

Listen to the full episode to learn more!

In this episode of the NMI Payment Playbook Podcast, host Greg Myers sat down with Peter Galvin, Chief Marketing Officer at NMI, and Austin Talley, CEO and founder of Everyware, to kick off a three-part series on trends affecting payment providers. The focus of this episode was on embedded payments, a significant trend that's reshaping how businesses handle transactions.

Austin Talley, with over 20 years of experience as a software engineer, discussed his journey from the programming world to founding Everyware, a company that combines communication and payments. Everyware offers a solution that integrates seamlessly with businesses of all sizes, allowing for innovations like pay-by-text, which speeds up payments and reduces the risk of chargebacks.

Peter Galvin, who has extensive experience in SaaS software and security, shared insights into the value of embedded payments from various perspectives. For partners and merchants, embedded payments simplify the payment process, leading to more efficient operations, better customer experiences, and increased brand loyalty. For consumers, embedded payments offer a seamless, secure, and convenient transaction experience, often without the need for physical cards.

The discussion also touched on the growing importance of technologies like digital wallets, contactless payments, and the move towards treating digital transactions as card-present transactions, which could lead to reduced interchange fees for merchants. Both Peter and Austin highlighted how these trends are not just reshaping the payment landscape but also setting the stage for future innovations in the industry.

In the final episode of our NMI Payment Playbook Podcast series on how consumers influence the payments ecosystem, host Greg Myers talks with Kate Hampton, Chief Strategy Officer at NMI, about how omnichannel payments and  orchestration are making it possible for payments providers to meet evolving customer expectations.

With 18 years of experience in payments acceptance, Hampton defines omnichannel as a seamless, connected shopping experience across various channels, including in-person, mobile, online and unattended.

Hampton highlights that consumers today expect minimal friction and maximum flexibility in their shopping experiences. They desire payment options that are seamlessly integrated and contextually appropriate, eliminating the need to adapt to different payment methods.

For merchants, this expectation presents a challenge as they must rely on partners who understand both their business needs and customer expectations. Hampton advises stakeholders like ISOs, PayFacs and SaaS companies to focus on delivering an optimal consumer experience, emphasizing that the payment process is a vital extension of the merchant's brand. She also notes that omnichannel strategies must be future-proofed to stay ahead of evolving consumer preferences and technological advancements.

Next, Myers and Hampton discuss payment orchestration, the configuration and coordination of payments across various channels, payment types, methods and geographies to create a simple and intentional end-user experience. Hampton explains that good payment orchestration should be invisible, providing a seamless experience where consumers don't need to think about the payment process. The value of effective payment orchestration lies in superior customer experience, differentiation and future-proofing.

Hampton connects the dots between customer expectations, omnichannel strategies and payment orchestration, stating that these elements work together to curate the best possible consumer experience. She concludes by emphasizing the non-negotiable nature of these integrated solutions in today's payments landscape. This episode wraps up the series, with a new series on industry trends coming soon.

In the latest episode of NMI Payment Playbook, host Greg Myers and Vijay Sondhi, CEO of NMI, discuss how Gen Z and Millennials are influencing payments technology. 

With over two decades of experience in financial technology, Sondhi highlights the stark contrast between these groups. Millennials, aged 28 to 43, remember a pre-smartphone era, while Gen Z, aged 12 to 27, grew up with digital devices, shaping their expectation for frictionless digital payments.

Sondhi explains that Gen Zers often default to using their mobile phones to pay, preferring digital wallets like PayPal, Venmo and Apple Wallet over physical credit cards or cash. He shares a personal anecdote illustrating this shift, describing a trip where he managed without his physical wallet, relying solely on his phone for payments and identification.

The conversation then shifts to the popularity of Buy Now, Pay Later (BNPL) among Gen Z, who favor it over traditional credit lines due to perceived transparency and better interest rates, despite often being misled by perceptions. 

Sondhi also notes that this generation is highly sensitive to friction in the payment process. Gen Zers lack brand loyalty and are often happy to switch providers for a smoother, more convenient experience.

Next, Myers and Sondhi turn their attention to biometrics. Sondhi sees great potential in this technology, especially due to its security and convenience. However, privacy concerns remain a hurdle, especially among younger consumers wary of sharing biometric data with big corporations. To solve this issue, Sondhi advocates for biometric solutions integrated into trusted devices like smartphones.

Sondhi views AI as an evolving technology with immense potential for payments and financial management. While current applications include fraud detection and marketing, he envisions AI driving a shift towards more meaningful use of money, aligning with Gen Z's values.

Sondhi concludes by emphasizing the need for adaptability in the fast-changing payment landscape. He urges professionals to consider open-loop solutions for broader scalability. To stay relevant in the industry, providers will need to prioritize the preferences of younger generations.

In the newest season of NMI Payment Playbook, we explore consumer payment trends and how Gen Z and Millennials influence the payments ecosystem. Our special guest for the first episode is Tiffany Johnson, Chief Product Officer at NMI.

Tiffany Johnson, with over 18 years of experience in payments, emphasizes the importance of understanding the distinct characteristics of Millennials and Gen Z. Millennials, born between 1981 and 1996, value experiences, sustainability and digital connectivity while using a mix of payment methods, including cash, credit cards and digital wallets. They have lived through the evolution of the internet and digital payments, making them tech-savvy and conscious of privacy and security concerns.

Gen Z, born between 1997 and 2012, are true digital natives and the "single device generation," relying heavily on smartphones for shopping, banking and entertainment. They prioritize speed, convenience and seamless digital experiences. Tiffany highlights that Gen Zers are more accustomed to advanced financial tools and have a higher expectation for seamless payment integrations.

As the global retail spending share of Gen Z is set to triple by 2030, Tiffany advises payment professionals to embrace new technologies like contactless payments and biometrics and to focus on creating seamless user experiences. She stresses that Gen Z values speed and quality and is less brand loyal, making it crucial for businesses to offer high-quality, fast and frictionless payment solutions.

Tiffany also discusses the dual role of Gen Z as both consumers and emerging business leaders, urging payment providers to consider their preferences in both capacities. NMI is responding by prioritizing flexibility, modularity and embedded payment experiences in its product development. Additionally, Tiffany notes the importance of mentorship and digital experiences in attracting and retaining Gen Z talent within NMI.

In conclusion, Tiffany emphasizes that understanding and meeting the evolving expectations of consumers, particularly Gen Z and millennials, is key to advancing in the payments ecosystem.

Picture a world where all transactions are so seamless, they feel non-existent. Well, that's the future of payments we're exploring today with the insightful NMI CEO, Vijay Sondhi. Promising an enlightening discussion, we dive into the realm of Anytime, Anywhere Payments. An idea that's all about eliminating the friction from payments and creating experiences that are so smooth, they feel like they never happened. We delve into the evolution of smartphone payments, looking at how these handy devices are becoming the ultimate tools for transactions. Tune in as Vijay shares how different sectors such as ISOs, ISVs, Payfacs, and banks should approach this concept for a frictionless future.

Interestingly, the influence of Gen Z on the future of payments was also discussed. Gen Z, the digital natives armed with smartphones and short attention spans, are leading the charge towards a future of frictionless payments. They demand speed, convenience, and security, which are becoming the benchmarks for payment experiences. Vijay also pointed out that the COVID-19 pandemic has accelerated this trend, leading to a paradigm shift with card-not-present transactions becoming the new norm.

For those involved in the payments industry, this episode offers an insightful exploration into the future. It serves as a reminder to always strive to deliver the best payment experience - the one that never happened.

Ever wondered how those black and white square codes we see everywhere are revolutionizing the world of payments? We're about to decode this mystery with our guest, Sarah Hoisington, the VP of Strategy and Marketing for Matera. Join us as Sarah provides a comprehensive exploration of the evolution of QR codes and their role in transforming traditional payment methods, especially in countries like Brazil, China, and India. She'll also discuss their emerging role in the U.S. and how they're becoming a critical component in the shift towards more pay-by-bank transactions.

Don't miss out as we dive into the future of instant payments with QR codes and how they're shaping the payments industry. Sarah helps us understand how the combination of QR codes and API-based technology is enhancing the user experience and the potential they hold for facilitating instant payments. You'll also get a sneak peek into how Matera is assisting financial institutions in the U.S. to offer instant payments. The fusion of QR codes and instant payments promises a revolution in the world of transactions, propelling us into the future of anytime anywhere payments.

In this episode we’ll navigate the evolving landscape of Omnichannel Commerce. Join me and Debbie Guerra, Chief Product Officer of ACI Worldwide, as we decode the journey from traditional in-store experiences to the dynamic world of accepting diverse payment types across numerous channels (in-store, online and mobile.) We'll dig into the crucial role that ACI Worldwide is playing in driving this change, and what the future might hold for Omnichannel Commerce. You'll also gain insights into the concept of Anytime Anywhere Payments, as highlighted in the Be Solid campaign in partnership with NMI, and how it's shaping consumer demands and retail trends.

 As we dive deeper, we'll explore the rising trend of digital fraud and the shift to real-time payments including how these trends are reshaping the face of Omnichannel Commerce? From the use of artificial intelligence and machine learning in fraud detection to the impact of FedNow on real-time account-to-account payments, we'll cover it all. You'll walk away with a comprehensive understanding of how intelligent payments orchestration is empowering merchants with greater control over their payments infrastructure, making it easier to accept alternative payment methods, and facilitating smoother international expansion. 

What if your digital wallet could do more than just hold cards? What if it could become a one-stop solution for your identification, boarding passes, concert tickets and more? That's exactly what we're exploring in our intriguing chat with Jenny Cheng, VP and GM of Google Wallets. We venture into the fascinating world of mobile wallets and digital payments, shedding light on how the pandemic has shifted our perspectives. Hear from Jenny about Google Wallet's core mission of accessibility and the broader applications of mobile wallets, such as digital driver's licenses, barcodes, QR codes and more. 
 
 We learn more about Google Wallet's security, its commitment to user's data and payment credentials protection, and how it stands out from the crowd. Jenny Cheng shares her thoughts on the potential of the digital payments space over the next 5 to 7 years. We also delve into the collaborative aspect of this evolution, discussing the necessity to involve consumers, merchants, and the broader ecosystem in this transition. In summary the episodes highlighted the potential of mobile wallets beyond just payments and underscored the importance of security in this digital transition.