PMC 2023 - Behind the Scenes with Guest Peter Tapling
Wrestling Payments Podcast: Season 1 - Bonus Episode 2
Episode Summary
In this episode of Wrestling Payments, host Joe Casali sits down with Peter Tapling from PTAP Advisory, LLC. They dive into the world of payments, discussing the importance of continuous learning in the face of constant innovation. Peter emphasizes the need to understand how new faster payment methods can be applied to existing work processes, encouraging listeners to disrupt their routines for the sake of progress.
The conversation then shifts to the concept of directories in payment systems. Peter explains how directories work in popular payment platforms like Zelle, PayPal, and Venmo. He also highlights the lack of a directory in instant payment schemes, sparking curiosity about the future of this feature in the payment industry.
Finally, the duo explores the realm of artificial intelligence (AI). Peter shares insights on the evolution of AI since the 1960s, highlighting the importance of computational resources and data in AI development. He encourages listeners to learn more about AI and its implications in the payments industry. This episode is a must-listen for anyone looking to stay ahead in the ever-evolving world of payments.
Download Episode Transcript
Guest-at-a-Glance
💡 Name: Peter Tapling
💡What he does: Managing Director
💡Company: PTAP Advisory, LLC
💡Noteworthy: Peter is a technology expert with over 20 years of experience in the payments industry. His deep understanding of the intersection of fraud, identity, risk, and payments, coupled with his interest in innovation, makes him a valuable resource in the rapidly evolving world of payments.
💡 Where to find Peter: LinkedIn
Key Insights
âš¡Never Stop Learning: The Key to Navigating the Payments Industry
Peter emphasizes the importance of continuous learning in the face of constant innovation in the payments industry. He encourages listeners to step out of their comfort zones and learn about new faster payment methods and how they can be applied to existing work processes. This is where innovation occurs, he says, when we disrupt our routines for the sake of progress. He also stresses the need for education at all levels, from frontline staff to executives, to understand the implications of these innovations for their customers and businesses.
âš¡Directories: The Unsung Heroes of Payment Platforms
Peter delves into the concept of directories in payment systems. He explains how directories work in popular payment platforms like Zelle, PayPal, and Venmo, allowing users to send payments without needing to know the recipient's bank details. However, he notes the lack of a directory in instant payment schemes, sparking curiosity about the future of this feature in the payment industry.
âš¡Innovation Starts Small: Unleashing Potential in Everyday Tasks
Peter shares an interesting perspective on innovation. He suggests that innovation isn't always about big, disruptive ideas; it can start small, with improvements to day-to-day tasks. He encourages listeners to identify opportunities for innovation in their current jobs, even if it's as simple as streamlining a 17-step process. This approach, he argues, can lead to significant time savings and efficiency gains, proving that everyone has the potential to innovate in their own way.
Episode Highlights
AI: The Game Changer in Payments
Timestamp: [00:12:09]
Peter discusses the role of AI in the payments industry, highlighting its ability to analyze large amounts of data to make decisions. He explains how AI engines like ChatGPT and Bard use large language models to understand and respond to requests in various languages. This, he believes, is a fascinating development in the industry.
"With ChatGPT and Bard and the likes of those offerings, the third thing they've added is this concept of a large language model [...] Now apply all my AI issues, and when I get something of a response, use that large language model again to present in complete sentences in the language I've been asked what this answer might look like. And so, the combination of those three things is fascinating."
Innovation: It's in the Small Things
Timestamp: [00:16:23]
Peter encourages listeners to find opportunities for innovation in their day-to-day tasks. For example, he suggests an "Innovation Friday Lunch" where employees share ideas to innovate in their current job. This, he believes, can lead to significant improvements in efficiency and productivity.
"Everybody in their day job has something that they think to themselves, why am I doing this? This is so stupid. That is an opportunity for innovation."
Learning: The Key to Success in Payments
Timestamp: [00:08:16]
Peter discusses the importance of learning in the payments industry. He believes that understanding new faster payments and innovations is crucial for both frontline staff and executives. This knowledge, he says, can help them better serve their customers and stay ahead in the industry.
"When you learn about these new faster payments and innovations that we're talking about, think about, how does that apply to the work, this 17th step process. Because that's where innovation occurs when I upend the 17th step process."
Education: A Must for All in Payments
Timestamp: [00:08:49]
Again, Peter stresses the need for education at all levels in the payments industry. He believes everyone needs to understand the implications of innovations for their customers and businesses.
"At the executive level, you're not necessarily trying to learn what's an ISO 2022 pacs 008 message and what does the debtor account name mean? None of that is really important, but you do need to be able to internalize and articulate, what does this mean to my customer? What does it mean to my business customers?"
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