NMI Payment Playbook

The retail industry is undergoing a significant transformation. As we step into a post-pandemic era, the advent of self-service retail and anytime anywhere payments is revolutionizing how consumers shop and pay for their purchases. In the latest episode of our podcast, we had the pleasure of hosting Elyssa Steiner, the CMO of Cantaloupe, to discuss these dynamic shifts in retail.

We also discussed the expansion of self-service retail solutions across various verticals. Airports, gas stations, gym memberships, and residential buildings are just a few areas where these solutions are becoming increasingly common. The rise of cashless food and beverage vending machines across these sectors is reshaping how businesses deliver services and products.

The future of retail is set to be even more digitized and personalized. Elyssa predicts that AI technology, smart coolers, and other advancements will continue to drive the growth of self-service retail.

Step into the fascinating world of text-to-pay and conversational commerce with the trailblazing CEO of Authvia, Chris Brunner. Together, we travel through time, dissecting the evolution of text-to-pay, its plethora of applications, and the exciting prospects it holds for the future.

 We discuss how Authvia has revolutionized payments with their innovative suite of solutions that enables merchants to accept payments over text messaging. This means reshaping the payment experience for consumers, ensuring it's not just about convenience, but also security. From pharmacies to vets, and even companies aiming to recover payments from late payers, the versatility of Authvia's solution is truly remarkable. Additionally, we venture into the importance of encryption, the role of cloud-based wallets, and the impact of COVID-19 on the rapid rise of text-to-pay solutions.

 We also discuss how Authvia seeks to give consumers control over their personal data, and their right to choose which data to share with merchants. In the near future,  text-to-pay will no longer be a novelty but an integral part of commerce. Join us as we explore the ever-evolving landscape of payments and conversational commerce. 

Are you navigating the complex realm of security and compliance in payments? Brace yourself for an insightful journey with our guest, Kathryn McCall, Chief Legal and Compliance Officer for Trustly Inc. We promise an engaging discussion on how Trustly, a leading global player in open banking payments, is reshaping the field with a cost-effective alternative to traditional payment methods. Learn about Trustly’s unique approach to fighting friendly fraud, the significance of know your customer checks, and the necessity of adherence to the Bank Secrecy Act and Financial Crimes Enforcement Network guidelines.
 
 What are the intricacies of anti-money laundering and compliance? Kathryn shares her expertise on the challenges in this area, underlining the importance of continuous monitoring for suspicious activity. We delve into the delicate yet essential balance between prompt payments and stringent security measures. Kathryn also shares her thoughts on creating a compliance culture, the inevitable increase in regulations, and how Trustly's expert team artfully manage their compliance programs. So, buckle up for this riveting conversation and get ready to leave with a enriching understanding of compliance and security in the payments industry!

Get ready for an exclusive ride into the intriguing world of online fraud prevention with Scott Przybyla, the Vice President of Global Channel Sales for Kount – an Equifax Company. This episode unravels the fascinating origins of Kount, its go-to-market strategy, and its evolution under the banner of Equifax. Understand Kount’s go-to market strategy consisting of direct and indirect sales, and the innovative white label channel strategy. Scott also walks through the history of fraud prevention and its evolution over the years.
 
Ever wondered about the intricacies of the fraud ecosystem and the critical roles of each player within it? Prepare for an exploration of the shifting fraud landscape, as we demystify the importance of personal security for consumers and the variety of threats that extend beyond mere payment fraud. We’ll also take a look into the future of fraud prevention. Discover how Kount, now under the wing of Equifax, is developing an end-to-end fraud and identity protection platform, combining physical and digital identity traits to create a more complete consumer identity profile. This is an exciting episode on fraud prevention you won't want to miss!

Get ready to unlock the future of B2B payments with our guest, Chad Wallace, Global Head of Commercial Solutions at Mastercard. With his expertise in consumer and corporate banking, Chad sheds light on the shift from traditional cash and checks to digital payments - a transition fueled by the pandemic, evolving consumer expectations, and the influx of new talent in finance roles. He also introduces us to the vast spectrum of products and services his team brings to the table, including commercial cards, virtual cards, and accounts payable products.
 
 From Mastercard's partnership with emerging global Fintechs to building scalable, human-centered solutions, our conversation takes you through the dynamics of payments industry. Mastercard's collaboration with Fintechs not only builds solutions but also ideates and provides data necessary to reconcile books. Chad further underlines the importance of digital solutions and how data can be harnessed to maximize working capital, improve payment status and maintain an ISO-based framework. 
 
 As we look into the crystal ball, Chad paints a picture of the future of B2B payments marked by human-focused design, digitization, interconnectivity, and the growing use of AI. He elaborates on how Mastercard is leveraging these trends with their innovative “beyond card” strategy and embedded finance use cases. As we wrap up, Chad leaves us with his insights on security, value-added services, and the criticality of providing a consumer-grade experience for buyers and suppliers. Don't miss out on this enlightening discussion that redefines the future of B2B payments.

Our special guest in this episode is Anil Goyal, the CEO of Corserv. Anil provides fascinating insights into the highly concentrated world of card issuing and explores how innovative technologies like APIs, B2B payments and virtual cards are reshaping the industry. Tune in as we journey with Anil, from his early days in New Delhi, India, to his pinnacle role at Corserv, and dissect what sets Corserv apart in the marketplace along the way.

The future of card issuing is here, and it's more exciting than ever. Anil offers a forward-thinking view on the arrival of new entrants and explores how technology levels the playing field and makes launching card programs cost-effective. 

Then, we continue with a deep dive into the cutting-edge innovations fueling the digitization of payments, reducing payment friction and mitigating fraud. Join us as Anil reveals a thrilling future for the industry and offers predictions on the increasing role of virtual cards, mobile enablement and artificial intelligence in card issuing. Don't miss this episode if you're eager to update your knowledge on the rapidly evolving card-issuing landscape. 

Have you ever wondered how the future of underwriting and onboarding looks in the payments industry? Prepare to be enlightened as we sit down with Darryl Cumming, the Director of Product Management for Agreement Express (an NMI company). Our conversation unfolds the significance of automated underwriting and the value of Agreement Express, touching upon its functionality, typical customers and the exciting prospects for the product.

During our discussion, we delve into Scan X, a revolutionary product that enriches the onboarding process. We learn how this tool automates merchant decisions, customizes risk recommendations and provides vital risk model performance analytics. Whether you're a greenhorn or a seasoned underwriter, the detailed reporting and performance analytics of Scan X are a treasure trove of guidance and efficiency.

We then discuss compliance and fraud protection - an issue every payments business must contend with. Uncover the potential costs your business may face without adequate protective measures. As we spotlight partner tools like KYC Site Scan and IRIS CRM (an NMI company), you'll see how Scan X helps businesses save and bridges the gap between sales and risk management. To finish our conversation, we explore Monitor X, a post-merchant approval solution that safeguards merchants in your portfolio. 

Tune in for valuable insights into the world of underwriting and onboarding.

The world of merchant services management is evolving at an impressive pace, thanks to innovations like IRIS CRM. In this episode of our podcast, we were joined by Jaron Ruckman, Product Manager for IRIS CRM, for an insightful conversation about how this revolutionary product is reshaping the industry.

IRIS, a product owned by NMI, is a comprehensive merchant services management solution that integrates with top processors and cultivates close-knit client relationships. For ISOs, banks, and ISVs, IRIS offers the benefit of enhanced visibility and accountability. It also provides an infinite data retention policy, which is a crucial feature for maintaining a complete and accessible record of all customer interactions and transactions.

We also decipher the complexities of residual reporting and demonstrate the tools you need to streamline split calculations. For businesses that are not utilizing a comprehensive tool like IRIS, the process of managing merchant services can be tedious and error prone. The use of disparate systems and manual processes can result in inefficiencies and inaccuracies. IRIS solves these issues by offering a single, integrated solution that manages the entire life cycle of merchant services.

In summary, IRIS a game-changing tool in the realm of merchant services management. Its comprehensive features and functionalities, coupled with its ability to integrate with top processors, make it a must-have tool for any business in the industry. Tune into our podcast for a more detailed exploration of IRIS and its myriad benefits.

Here to help me close out our six-part series on embedded finance is Inktavo CEO James Armijo. After a brief stint in finance, James was quick to ascertain the truth that spending 16 hours a day working a spreadsheet would not lead to a tremendous amount of career satisfaction for him personally. So, he made the jump from finance to SaaS companies and payments and never looked back! As for what keeps him up at night these days, it has a little to do with payroll and a lot to do with the future of the embedded finance ecosystem. 

For those of you who may not know, Inktavo is a SaaS platform that supports apparel decorators (or screen printers) in their mission to provide decorative apparel to their local community. Their software is unique in that they provide an all-in-one platform for their customers to thrive and flourish, including customizable designs, web checkout, order tracking and (of course) embedded finance options.

In talking with James about the embedded finance journey, it’s interesting to hear his take on the steppingstones and stumbling blocks present in such a prolific ecosystem. For Inktavo’s customer base specifically, lending is one of the most significant value adds they can provide in a much more streamlined fashion due to the data they have access to. 

Tune in to hear James discuss all things embedded finance, including the three-phase embedded roadmap and the benefit that comes from focusing on customer pain points versus just monetization when it comes to your embedded strategy. We also talk about where he sees the embedded ecosystem in the next 2-5 years as it relates to payroll and AP/AR initiatives.

Here to kick off the next episode in our embedded finance series is Maast Chief Revenue Officer Ernie Moran. Ernie has been in the industry for more than 25 years and is currently an integral part of the team that is defining embedded finance at his company. What’s his recipe for success? According to Ernie, a disciplined focus on delivering real value to the market always wins out. And there are few things that offer more value in our industry than embedded finance.

For those of you who may not know, Maast helps software providers like ERP and vertical SaaS become a one stop shop for their customers by offering as suite of integrated services in their software platform. Their goal is to simplify money management for businesses while enabling software providers to unlock the hidden revenue offered through the embedded ecosystem in a manner that truly optimizes the customer experience.

Ernie himself defines embedded finance as “everything to do with the flow of money” and gives a comprehensive overview of the three-step process required for the most efficient embedded model for any business. Also on tap for our discussion is the necessity of having the right products, at the right time, and in a manner that is easy to consume. We also talk about the ISO community and their role in the future of embedded finance. 

Tune in to hear Ernie talk about the embedded ecosystem including the embedded finance trend as it relates to the overall industry, the necessity for innovation to stay real-time and relevant, and the projected demise of organizations focused on selling traditional payment services. Ernie wraps up with some great concepts both software companies and ISOs should consider when exploring embedded finance.