Board Spotlight

Board Spotlight

We’re excited to highlight our board members, whose contributions and valuable insight and expertise make NEACH what it is today. Here board members share their insights on the payments industry, NEACH’s role in the industry, and how our exceptional board of directors are changing payments in the Northeast.

 

Laurance A. Selnick

CTP, SVP, Director, Treasury & Payment Solutions Sales, Webster Bank

Laurance A. Selnick
  • Webster Bank
  • Established in 1935
  • Headquartered in Waterbury, CT
  • ACH ODFI & RDFI
  • Asset size: $25B

 

NEACH is a thought leader and subject-matter expert that other RPAs, NACHA, and even the Fed recognizes and uses. It has an important place in the payments ‘think tank.’”

 

NEACH: What’s your primary role on the Board of Directors?

My role is three-fold: First, bring expertise from my time serving on other not-for-profit boards. Second, share my knowledge of ACH and technology. Finally, view issues from the originator’s point of view: Some bring a risk view, others an originator or receiver approach. 

 

In general, I try to balance how our clients see and use ACH and all payments in their businesses and how financial institutions and NEACH add value to them as an access point into the ACH world.

 

NEACH: In addition to serving on the Board, how do you participate in NEACH?

I advocate for NEACH services other folks at the bank should use, from training and customer materials to AAP accreditation.

 

NEACH: What do you think are the biggest opportunities and challenges for financial institutions and businesses over the next three to five years?

We’re seeing many non-bank providers of payments, payment education, and payment risk management entering the marketplace.

 

Although financial institutions may use these fintech solutions, we still have to be seen as the trusted provider. A challenge is to make sure we’re part of the evolving payments process including real-time payments.

 

Also, I think there’s an untapped market in engaging our originators with NEACH.

 

 

NEACH: Where do you predict the industry will be in five years? How can financial institutions prepare for the future?

Financial institutions need to accept that the payment process is changing. It’s about the partners they choose and the products/services choices they make. In terms of changes, I can only guess more mobile, some cryptocurrency, and clearly real-time for business-to-business (B2B)!

 

NEACH: What business topics keep you up at night?

I’d say there are three issues I think about often:

 

  1. Regulator oversight that focuses on the risks that are less likely, but warrant huge oversight requirements—for example, third-party senders.  
  2. Settlement review: Is it credit or operational risk and how is it best managed?   Via real-time pre-funded transactions, or accepted settlement risk?
  3. Can person-to-person (P2P) real-time be converted to B2B: How much, how fast, and by whom?

 

NEACH: Why is it crucial for C-level decision-makers to be actively engaged?

Many financial institutions are dealing with day-to-day and tactical issues, which we continue to help with. But NEACH can also assist with a more strategic perspective and go beyond just relationship profitability, loan origination, or risk mitigation.

 

NEACH: Complete this sentence: Without NEACH, I (or my organization) would be …

Less able to compete effectively and develop a robust risk management approach to the business. Also, less support for being a leading ACH financial institution.

 

NEACH: What excites you most about the industry and your role in it?

Payments is the grease that builds businesses and helps them grow. This is an evolving and fast-changing, innovative-driven, and technological business.

 

NEACH: How do you keep learning and growing as an industry leader?

As a Certified Treasury Professional (CTP), a professional association accreditation of the Association of Financial Professionals (AFP), I’m continuously seeking new insight and information about cash flow, payments, and technology.

 

I’m also a recent graduate of Quinnipiac University with a Master’s of Science in Organizational Leadership and a newly hired adjunct at Southern Connecticut State University: I focus on leadership and setting strategic direction and power for a not-for-profit organization.

 

NEACH: What books are you currently reading?

I am a big fan of sci-fi, and am currently reading the most current book in the Expanse series. For my professional development, I am reading The Power of Habit.

 

NEACH: Who’s been your biggest role model and why?

Both Indra Nooyi , the CEO of PepsiCo, and Howard Schulz, the CEO of Starbucks. They share a passion on strategic planning, making a positive impact in their communities and with their stakeholders, and still run very effective businesses focusing on leadership development.