In this episode of Payments Pros, host Carlin McCrory welcomes Jason Mikula, a seasoned fintech and banking advisor, to explore various topics within the payments industry. They begin by examining the implications of U.S. sanctions on global payment systems and the potential shift away from U.S.-controlled payment rails. The discussion then moves to the viability of pay-by-bank systems in the U.S., focusing on the challenges posed by entrenched card payment behaviors.

Carlin and Jason further discuss the sustainability of nonbank fintech businesses that rely solely on interchange fees, highlighting the necessity for diversified revenue streams. The episode also covers the adoption of real-time payments like FedNow, noting the limited consumer use cases compared to commercial applications. Additionally, they explore the innovation of network flexible payment credentials and the complexities surrounding consumer understanding of new payments products. The conversation concludes with insights into new types of financial charters and the potential role of stablecoins in international payments.