The Payments Podium

In this inspiring episode, Ian, a seasoned fraud fighter with 25 years in banking, shares his multifaceted journey. Beyond his professional role as the head of fraud in several banks, Ian is also the founder of a nonprofit, The Knoble, dedicated to combating human crimes like trafficking and child exploitation. Ian's mission is deeply rooted in making a positive difference in the world through his unique skills and quirky personality. He reflects on his career realization that behind each financial transaction, there could be a human being being exploited, thus shifting his focus to fighting human crimes. Ian discusses the financial motivations behind various human crimes, including scams, human trafficking, child exploitation, and elder financial abuse. He emphasizes the crucial role of the financial industry in this fight, given its intersection with these crimes through payment mechanisms. Ian's initiative, The Knoble, is a collaborative effort involving financial service executives and law enforcement worldwide, focusing on data and transaction monitoring to protect people. He encourages listeners to bring their whole selves to their work and engage with their communities to make a difference, highlighting the power of leveraging professional skills for social good. Ian's story is a testament to the impact one can have by combining professional expertise with a heart for humanity.

In this episode, Bob Steen of Bridge Community Bank reflects on his remarkable 40-year tenure in the banking industry and the evolution of payment systems. Bob shares his early experiences, starting from his military service in 1970 and his involvement in transitioning military payroll from paper to electronic format, an essential precursor to direct deposit. He discusses the bank's pioneering role in adopting check imaging in 1996, well ahead of the Check 21 Act, and its evolution to embrace instant payments with the RTP (Real-Time Payments) and FedNow systems. Bob emphasizes the significant cost savings and efficiency gains from the early adoption of electronic payment technologies and discusses the skepticism and challenges faced, particularly regarding fraud risks. He also highlights how instant payment systems have transformed banking operations, improving processes like payroll management and enhancing customer experience. Bob’s story underscores the importance of proactive adaptation and innovation in the banking sector, demonstrating a commitment to staying ahead of the curve in payment technologies. His insights offer a unique perspective on the industry's past and future, driven by technological advancements and customer-centric solutions.

Buckle up, space travelers! The Payments Podium blasts off into 2024 with Professor Kevin Olsen, Payments Elsa (Dr. Angela Murphy), and Cole Augustine of Galactic Trade Consultants. Brace yourselves for bold predictions as this galaxy-brained crew dives deep into the future of electronic payments. Tune in for a mind-bending exploration of the financial frontier! This ain't your average podcast - it's the Payments Podium, where the future of electronic money is just getting warmed up.

Don't miss this cosmic conversation!

Join us on the latest Payments Podium podcast, where the Payments Professor, Kevin Olsen, teams up with Dr. Angela Murphy, aka Payments Elsa, and Cole Augustine from Galactic Trade Consultants. In this exciting episode, they share their expert predictions for the evolution of electronic payments in 2024. Tune in to gain insights on future trends, potential innovations, and how these changes might reshape the landscape of electronic transactions. #PaymentsPodium #ElectronicPayments2024 #PaymentsProfessor #PaymentsElsa #GalacticTradeConsultants

Who is Nacha?

Michael Herd, SVP of ACH Network Administration at Nacha

Join The Payments Professor, Kevin Olsen, for an insightful conversation with Michael Herd, SVP of ACH Network Administration at Nacha. Michael shares his fascinating journey from communications professional to payments expert, revealing his passion for the industry and its impact on everyday lives.

Key Takeaways:

• Learning from the Ground Up: Michael entered the payments industry without prior experience, highlighting the importance of continuous learning and adaptability.

• A Network of Rules: Michael emphasizes the role of rules in ensuring the smooth operation and interoperability of the ACH network.

• Open and Transparent Rulemaking: Nacha's rulemaking process involves extensive public input, leading to industry consensus and broad acceptance.

• Education and Resources: Nacha offers a range of educational programs, conferences, and certifications to empower individuals and organizations in the payments space.

• Same Day ACH: A Growth Engine: Michael discusses the significant adoption and expansion of Same Day ACH, highlighting its impact on various use cases.

• Internet Initiated Payments & Bill Payments: Michael acknowledges the critical role of Internet-based payments, particularly in driving the decline of check usage and facilitating online bill payments.

Highlights:

• Michael's career shift from communications to payments administration.

• The role of Nacha in setting and enforcing rules for the ACH network.

• The importance of open and transparent rulemaking.

• Nacha's educational offerings and certifications.

• The success of Same Day ACH and its impact on various use cases.

• The decline of paper checks and the rise of digital bill payments.

Who Should Listen:

• This podcast episode is valuable for anyone interested in payments industry, including:

o Financial professionals: Gain insights into the ACH network and its operations.

o Business owners: Learn how to use ACH payments effectively for your business.

o Consumers: Understand how your daily payments are processed.

o Anyone interested in technology and innovation: Discover the latest advancements in payments technology.

Get Ready to:

• Learn about the ACH network and its role in the payments industry.

• Gain valuable insights from a leading expert in the field.

• Discover the latest trends and innovations in payments technology.

• Improve your understanding of how your daily payments are processed.

Tune in to The Payments Podium to hear the full conversation with Michael Herd and learn more about the fascinating world of payments!

In this episode of the "Payments Podium" podcast, the host, Payments Professor, discusses with Ravi Sandepudi from Effective about the role of artificial intelligence (AI) in managing risks associated with electronic payments. Ravi's journey in electronic payments began at Google, where he worked on Google Pay (formerly Google Wallet), gaining extensive experience in risk management. He highlights the challenges faced in mitigating fraud, especially sophisticated attacks from fraudsters using AI, such as deepfakes for bypassing security measures like KYC.

Effective, Ravi's company, focuses on using AI to assist community financial institutions in managing payment risks. He emphasizes the importance of scale and speed in electronic payments, mentioning how AI can process and decide on transactions in milliseconds, crucial for systems like FedNow, RTP, Zelle, or Cash App, where payments move instantly. Ravi explains the unique approaches of AI in detecting fraudulent activities by considering various factors like phone usage patterns and network behaviors. He also discusses the importance of human experts in complementing AI systems, especially in complex scenarios and policy compliance.

Ravi foresees a future in electronic payments where digital and instantaneous transactions will be the norm, necessitating fundamentally different approaches to fraud and risk management. He advocates for continuous adaptation and the implementation of new technologies, especially for community financial institutions, to stay ahead in this rapidly evolving domain. The podcast concludes with Ravi expressing his passion for supporting these institutions and making advanced technologies accessible to them.

Join the Payments Professor as he delves into the international waters of electronic payments. This episode offers a candid chat with Gijs Boudewijn, the influential General Manager at the Dutch Payments Association. They discuss the fascinating journey of how Gijs entered the world of electronic payments, the challenges and triumphs of instant payments in the Netherlands, and the nuances of the European Banking Federation and Dutch Payments Association.

Listen in as they shed light on the concerns surrounding fraud in instant payments, the essence of information, confirmation, and reconciliation in the payments process, and the ever-evolving landscape of payments as a service. Gijs also shares invaluable insights for those eager to advance their careers in the payments industry, emphasizing the importance of building relationships.

This episode is a goldmine of information for those interested in understanding electronic payments from a global perspective and gaining foresight into the next big innovations in the field. Don't miss it!

From starting in Telco to battling cancer, Simon Taylor, now Head of Content and Strategy at Fintech Brain Food, has witnessed the transformative landscape of UK payments since 2005, including its 2% GDP boost. On the Payments Podium, he'll delve into the double-edged sword of faster payments leading to swifter fraud, the diminished security of push payments compared to cards, and the fading era of checks. He'll highlight the preventative strategy of warning users before transactions, the incoming "Confirmation of Payee" system under PSD3, and Europe's regulatory stronghold. Emphasizing the connection between fraud and data science, he'll shed light on Sardine's capability to detect unusual payment behaviors, especially scams targeting the elderly. With the surge of faster payments, he underlines the significance of strong customer authentication. Simon advocates for a balance in payment speed and security, suggesting that a bit of friction can be beneficial. Join us for an enlightening session on building secure payment networks and the essence of continual learning.

In this enlightening episode of the Payments Podium, we're honored to have the President and CEO of Macha, Mary Gilmiester, joining the Payments Professor. Dive deep into the intricate world of Macha as Mary reveals the essence and vision behind Macha.org. From its foundational principles to its critical role in today's financial landscape, get an inside look at what makes Macha tick. Whether you're in the finance industry, an enthusiast, or simply curious about the digital payment realm, this episode is a goldmine of information. Tune in and discover the transformative impact of Macha in our ever-evolving payment landscape!

In this episode of the Payments Professor Payments Podium Podcast, we welcome guest Paul Thomoalla, discussing the contrasting regulatory landscapes of the U.S. and Europe/UK in the payments sector. We delve into how interventionist regulators in Europe and the UK actively shape the payments ecosystem, focusing on societal benefits and often fast-tracking advancements like faster payments, initiated back in 2006. Paul highlights the evolution and impact of immediate payment plans, which are gaining traction globally, emphasizing their convenience, efficiency, and growth. We also touch upon the significance of confirmation of pay in boosting user confidence and mitigating fraud, leading to widespread adoption, growing at 20% compound annually in the UK. Paul reflects on the challenges and learnings, including addressing fraud issues and ensuring customer reimbursement, offering insights on fostering a conducive environment for the implementation of advanced payment systems to thrive in various regulatory frameworks. Don't miss out on this enlightening conversation filled with experiences, learnings, and the future of immediate payment plans in the global context!