Instant Payment Conspiracy Theories with Guests Sean Carter and Mark Dixon
Wrestling Payments Podcast: Season 1 - Episode 8
Episode Summary
In this episode of Wrestling Payments, host Joe Casali, along with guests Sean Carter and Mark Dixon from NEACH, dive into the world of payment systems. They tackle the pressing issues of misinformation and conspiracy theories in the payment industry. Carter, NEACH's president, views these as outside interference, while Dixon, Vice President of Education, sees them as a pulse of public sentiment.
The trio also discusses the concept of banking as a service, the role of financial institutions in supporting FinTech, and the importance of understanding disclosures when dealing with apps like Venmo and Cash App. They debunk the rumor of the government switching all benefits to FedNow and forcing every institution to join the platform.
Lastly, they address the theory of FedNow being the government's new cryptocurrency set to eliminate cash. They clarify that FedNow transactions are in US dollars, not digital dollars and that laws would need to change before a digital dollar could be implemented. Tune in for a deep dive into these topics and more.
Download Episode Transcript
Guest-at-a-Glance
💡 Name: Sean Carter and Mark Dixon
💡 What they do: President & CEO / Vice President-Education
💡 Company: NEACH
💡 Noteworthy: Sean Carter, President and CEO of NEACH, is a seasoned leader in the payment industry. He's known for his keen insights on misinformation and its impact on the payment system. Mark Dixon, Vice President of Education at NEACH, is a thought leader in the payment space. He's recognized for his understanding of the evolving landscape of banking and financial services.
💡Where to find them: Sean: LinkedIn / Mark: LinkedIn
Key Insights
âš¡ Misinformation as a Pulse of Public Sentiment
Misinformation in the payment industry is viewed differently by our guests. Sean sees it as outside interference, a tool used by some to confuse and scare the public for their gain. Mark, on the other hand, perceives it as a pulse of public sentiment, a reflection of what people are thinking and feeling about the payment space. This difference in perspective highlights the complexity of dealing with misinformation and the need for a nuanced approach.
âš¡ The Role of Financial Institutions in Supporting FinTech
Mark discusses the concept of banking as a service. He highlights how proactive institutions are entering this space, backing FinTech partners and providing support. He emphasizes the importance of understanding disclosures when dealing with apps like Venmo and Cash App. This insight underscores the evolving landscape of banking and financial services and the need for consumers to be informed.
âš¡ Debunking the Rumor of FedNow
The podcast addresses the rumor of the government switching all benefits to FedNow and forcing every institution to join the platform. The hosts clarify that FedNow transactions are in US dollars, not digital dollars and that laws would need to change before a digital dollar could be implemented. This insight dispels misconceptions about FedNow and emphasizes the importance of accurate information in the payment industry.
Episode Highlights
Introduction and Views on Misinformation
Timestamp: [00:00:48]
In the opening segment, host Joe Casali introduces the guests, Sean Carter, and Mark Dixon, and poses a question about their views on misinformation in the payment industry. Carter views it as outside interference, while Dixon sees it as a pulse of public sentiment. This sets the stage for the discussion that follows.
"Sean Carter, president and CEO of NEACH, and I see this as outside interference. I think people have things to gain by sharing misinformation, whether it's, you know, not another payment system over one over the other, but by getting people confused and scared. [...] Mark Dixon. I'm the Vice President, Education here at NEACH, and I would say it's probably somewhat like a booing in the crowd, but I think of it as a pulse as to how people are thinking and what they're feeling related to the payments space and what's happening."
Central Bank Digital Currencies
Timestamp: [00:07:05]
The guests delve into the topic of Central Bank Digital Currencies (CBDCs), discussing their potential uses and the challenges they pose, such as privacy concerns. They emphasize that CBDCs are still experimental and not yet in practice in the US.
"They worked on the mechanics. How would the program work? How could we process Central Bank Digital Currencies? The Federal Reserve Bank system itself is doing some research around how would the Central Bank digital currency help with the exchange." - Joe
FedNow and the Rumor of Government's New Cryptocurrency
Timestamp: [00:16:14]
The hosts debunk the rumor that FedNow is the government's new cryptocurrency set to eliminate cash. They clarify that FedNow transactions are in US dollars, not digital dollars and that laws would need to change before a digital dollar could be implemented.
"It is a bank to FedNow to bank service, just like a check, just like an ACH transaction. Okay, just like a wire transfer. These payments are happening today. It's no different." - Joe
Banking as a Service
Timestamp: [00:28:49]
Mark discusses the concept of banking as a service, highlighting its influence on the industry. He emphasizes the importance of understanding disclosures when dealing with apps like Venmo and Cash App.
"So you have proactive institutions that are entering that space, and they are backing like a FinTech partner. So I'm technically banking with FinTech. But I'm powered and supported by the financial institution."
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