Episode Summary

In this episode of Wrestling Payments, host Joe Casali sits down with Mark Dixon, the Vice President of Education at NEACH. Mark dives into his journey in the banking and payment sector, highlighting his passion for the industry and the intersections of technology, disruption, and the future of banking. He emphasizes the importance of payments in various business sectors and the excitement of navigating the ever-evolving landscape.

Mark introduces "NEACH U," a reimagined educational platform designed to cater to various professionals in the payment space. From operational roles to treasury management, compliance, and risk management, NEACH U aims to provide individualized learning paths for all. The platform's goal is twofold: to benefit organizations by enhancing their employees' knowledge and to foster professional development for individuals.

Set to launch in 2024, NEACH U promises to be a transformative tool for payment professionals, guiding them towards the next steps in their careers and offering valuable insights into the world of payments.

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Guest-at-a-Glance

💡 Guest: Mark DIxon

💡What he does: VP of Education

💡Company: NEACH

💡Noteworthy: Mark Dixon: Vice President of Education at NEACH, passionate about payment evolution.

💡Where to find Mark: LinkedIn

 

Key Insights

⚡Mark Dixon's Passionate Journey in Payments

Mark Dixon's professional trajectory in the banking and payment sector is both intriguing and inspiring. Starting his career in banking, he didn't initially envision a future in the sector. However, as he dived deeper, especially into electronic banking, he discovered a fervent passion for payments. Mark's enthusiasm is not just about the technicalities of payments but also about understanding their intersection with various business sectors and the role of technology.

 

⚡Headline: Introduction of NEACH U: A Game-Changer in Payment Education

NEACH U is Mark's ambitious project, aiming to revolutionize payment education. This platform is not just another educational tool; it's designed to offer individualized learning paths for professionals in the payment space. Whether one is in operational roles, treasury management, compliance, or risk management, NEACH U promises a tailored learning experience.

 

⚡NEACH U's Vision: Individual Growth and Organizational Excellence

Mark emphasizes that NEACH U is more than just a learning platform; it's a roadmap for professional growth. Recognizing the diverse paths in the payment space, from operational to strategic roles, NEACH U is designed to guide professionals based on their unique needs and aspirations. The platform will not only serve as a knowledge hub but also as a catalyst for career advancement.

 

Episode Highlights

The Genesis of Mark's Interest in Payments

Timestamp: [00:02:58]

Mark Dixon dives into the origins of his interest in the payment sector. He traces back to his time in electronic banking, where he found a genuine passion for payments. This passion was further ignited when he attended various NICHA events and sessions, which played a pivotal role in shaping his perspective on the payment side of things.

"I had gotten that into payments back in 2015, and I actually attended all of NICHA's stuff. I did all the AAP boot camps, the on demand sessions. That's what ignited my passion for the payment side of things."

 

Mark's Role at NEACH and His Vision for Education

Timestamp: [00:01:58]

Mark discusses his role at NEACH, emphasizing his responsibilities in the educational department. He talks about developing educational programs, delivering sessions on various topics, and finding innovative ways to present content to cater to different learning styles.

"I work in our educational department and offerings. So what that involves is developing educational programs, delivering different sessions and different topics to our members and to different audiences that we serve."

 

The Intersection of Banking, Payments, and Technology

Timestamp: [00:05:34]

Mark highlights the crucial role of payments in the business sector and how it intersects with technology. He emphasizes the importance of understanding the future of the industry, banking, and payments, and how technology plays a pivotal role in shaping this future.

"And the more I've gotten into payments, I start to see the intersection between different business areas and different business sects. And there's so much that money movement is so crucial, and yet we kind of integrate it into all these different areas and really don't focus on it. On top of that, you have all the technology considerations well. So my intersection I would say is technology disruption, what's going on in the future of the industry and banking and payments."

 

NEACH U's Comprehensive Approach to Learning

Timestamp: [00:07:50]

Mark introduces the concept of NEACH U, describing it as a reimagined educational platform. He explains the various components of NEACH U, emphasizing its design to cater to individual learning paths, from operational roles to treasury management and beyond.

"So, NEACH U is designed to help you get there. What we're hoping to do is have a path for our traditional operational audience. The folks that are - I'm working in operational roles, I want to learn more about payments. I want to understand what I need do in order to get my job accomplished, but I want to be a resource for my organization."
 

To hear this episode and many more like it, subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts, or listen above.

Episode Summary

In this episode, Joe Casali sits down with Sean Carter, the top man at NEACH and NEACH Payments Group. They dive deep into the world of risk management in payments. Sean emphasizes the power of interpersonal skills and the value of curiosity in the industry.

The talk shifts to the intricate dance between Enterprise Risk Management (ERM) and Strategic Risk Management (SRM). Both play pivotal roles in shaping the future of payments. Sean shares insights on how these concepts intertwine and their impact on the broader payment landscape.

Tune in to grasp the nuances of risk management from an industry leader. It's a conversation packed with expertise and actionable insights.

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Guest-at-a-Glance

💡 Name: Sean Carter

💡 What he does: President & CEO

💡 Company: NEACH

💡 Noteworthy: Sean Carter: Newly minted Accredited Payments Risk Professional (APRP).

💡 Where to find Sean: LinkedIn

 

Key Insights

⚡The Power of Imagination in Risk Management

Sean Carter emphasizes the importance of operations personnel in risk management. These individuals possess a wealth of institutional knowledge, allowing them to predict potential issues based on past experiences. Sean suggests that a combination of strong communication skills and the ability to envision various scenarios (imagination) can be invaluable. This imaginative foresight helps in anticipating challenges, especially those not immediately obvious.

 

⚡The Role of Interpersonal Skills in Operations

Sean highlights the significance of interpersonal skills in preventing blindsides in operations. Building good relationships across departments and consistently asking questions can prevent unexpected challenges. Being inquisitive and maintaining open channels of communication can preemptively address potential issues. Moreover, making others feel important can lead to more open sharing of information.

 

⚡Understanding Risk Appetite vs. Risk Tolerance

The distinction between an organization's risk appetite and risk tolerance is crucial. While risk appetite is the overall level of risk an organization is willing to accept, risk tolerance pertains to the degree of risk they're willing to take for a specific goal. Effective communication is essential to ensure everyone understands these concepts, aligning individual actions with the organization's broader risk strategy.

 

Episode Highlights

Introduction to the Podcast and Risk Management

Timestamp: [00:01:09]

Joe Casali introduces the podcast and the guest, Sean Carter. They set the stage for the episode's theme, which revolves around risk management in payments. Joe mentions his recent exposure to new risk management concepts, prompting Sean to share his insights.

"I do think it's gonna be an interesting conversation, and that's what it is. It is a conversation with teeing it up. We're hoping that the conversation will continue, whether it's in Members Corner, LinkedIn, or in some comments on the podcast themselves. We really want to hear what your thoughts are around this, and it is about risk management and payments."

 

The Challenge of Unforeseen Risks

Timestamp: [00:08:47]

Sean Carter dives into the challenges that arise when unforeseen risks emerge. He discusses a situation where an employee didn't follow the procedure, leading to a breakdown. The risk was known, but how it manifested was unexpected. This highlights the importance of understanding both known and unknown risks.

"And so what they didn't know was that an employee was gonna do that. It really wasn't taken into account, probably that this is something that could have happened. The risk itself was known, but how it was gonna represent itself was the unknown."

 

The Importance of Communication in Risk Management

Timestamp: [00:12:47]

Sean emphasizes the significance of effective communication in risk management. He talks about the dangers of information silos and the need for open conversations. Ensuring everyone is aligned with the organization's risk appetite and risk tolerance is crucial.

"So that's the same in kids and adults. Everybody goes with their own, 'Hey, here's my career path. Here's what I want to become at a financial institution. How does that fit into the overall success of the organization?"'

 

The Role of Interpersonal Skills in Operations

Timestamp: [00:23:39]

Sean highlights the value of interpersonal skills in operations. Building relationships across departments and being inquisitive can prevent blindsides. Making others feel important can lead to more open sharing of information, which is crucial for effective operations.

"I think that's just somebody that would have good relationships across the bank is probably not gonna get blindsided. The other thing could be just somebody that's always asking questions, 'Hey, what's going on with the IT people?"

 

To hear this episode and many more like it, subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts, or listen above.

Episode Summary

In this episode, Joe Casali from NEACH dives deep into the world of ISO 20022, the international standard for payments messaging. While ISO 20022 might be a fresh face in the US, its significance can't be understated. Drawing a unique parallel, Joe likens the fervor for ISO 20022 to that of a "mark" in wrestling - someone deeply passionate and invested in the industry's narratives. As the conversation unfolds, it's clear: Joe is all in on ISO 20022, seeing its potential to reshape the payments landscape.

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Guest-at-a-Glance

💡 Name: Joe Casali

💡 What he does: Host

💡Company: NEACH / Website

Key Insights

⚡ The Rise of ISO 20022 in Payment Systems

ISO 20022, an international standard for payments messaging, is gaining traction globally. While it's not entirely new, it's becoming more prominent in the US. Various organizations, from SWIFT to the Federal Reserve, are adopting ISO 20022 for their messaging systems. The Clearinghouse's RTP and the Federal Reserve's Fed Now both utilize versions of ISO 20022, showcasing its versatility and widespread acceptance.

 

⚡ The Debate Over "Rich Data"

There's a buzz around ISO 20022's ability to include "rich data" in its messages. However, Joe Casali challenges this notion. While ISO 20022 can carry additional data, the depth and richness of this data are up for debate. For instance, while it can include a URL or a 140-character message, questions arise about the security and practicality of such features.

 

⚡ ISO 20022 vs. EDI: A New Era of Messaging

Comparing ISO 20022 to Electronic Data Interchange (EDI), Joe highlights the evolution of computer-to-computer communication in payments. While EDI had its challenges, ISO 20022 offers a more streamlined approach. Companies can send payment messages directly to financial institutions, ensuring smoother transactions and reducing the need for manual interventions.

 

Episode Highlights

​​The Concept of a "Mark" in Wrestling and Payments

Timestamp: [00:01:34]

Joe Casali introduces the term "mark" from the world of professional wrestling. A "mark" is someone who is deeply passionate about wrestling and its narratives. Joe cleverly likens this term to those who are enthusiastic about ISO 20022, suggesting that he himself is a "mark" for this payment messaging system.

"Professional wrestling or at a carnival. This came out of a carnival back in the day because they would literally put a chalk mark on the customer's back to say he's the mark, he's our target. [...] I am a mark, I'm a mark for ISO 20022."

 

The Evolution of EDI and ISO 20022

Timestamp: [00:07:33]

Joe discusses the history and evolution of Electronic Data Interchange (EDI) and contrasts it with ISO 20022. He emphasizes the ideal of computer-to-computer communication, where transactions are seamless and require no manual intervention.

"My accounts payable go into your accounts receivable. My company knows I paid you. Your company knows you got paid. No one has to press a button. No one has to touch anything. No one has to rekey anything that's the ideal straight through the world."

 

The Challenge of "Rich Data" in ISO 20022

Timestamp: [00:11:58]

Joe challenges the popular notion that ISO 20022 can seamlessly incorporate "rich data" into its messages. He raises concerns about the depth and utility of such data, especially when it comes to security and practicality.

"The claim you hear when they're talking about ISO 20022 is that it includes rich data. [...] Maybe I'm overthinking this or not thinking this enough, but the rich data I'm having trouble with."

 

The Global Adoption of ISO 20022

Timestamp: [00:07:56]

Joe highlights the increasing global adoption of ISO 20022 in various payment systems. From SWIFT to the Federal Reserve, many organizations are embracing this international standard, indicating its growing importance in the payments landscape.

"RTP back in 2017, RTP said, we're gonna come up with an instant payment network, and we're gonna use as our messaging system a version of ISO 2 0 0 22. [...] SWIFT is a messaging system that says we need to pay someone in a foreign country. We have the network to communicate that message. There's no settlement involved, but they're now using ISO 20022 as their messaging system; they adopted it."

 

To hear this episode and many more like it, subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts, or listen above.

Episode Summary

In this episode of Wrestling Payments, host Joe Casali sits down with Kevin Olsen, the Payments Professor. Kevin shares his unexpected journey into the payments field, sparked by a job loss during the dot-com bubble. His path led him to become a leader in the industry, teaching others about the intricacies of electronic payments.

The conversation shifts to the creation of Kevin's podcast, the Payments Podium. Kevin reveals how a casual comment from a colleague led him to start recording his discussions about the payments industry. He shares his approach to finding guests, focusing on individuals with years of experience and knowledge to share.

The episode wraps up with a discussion about the future of payments, particularly the importance of instant payment capabilities. Kevin emphasizes the need for the U.S. to compete globally in this area. This episode is a must-listen for anyone interested in the evolution of the payments industry and the power of lifelong learning.

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Guest-at-a-Glance

💡 Name: Kevin Olsen

💡 What he does: The Payments Professor

💡 Company: Payments Professor

💡 Noteworthy: Kevin Olsen, a tech graduate turned teacher, found his way into the payments industry by accident during the dot-com bubble burst.

💡Where to find Kevin: LinkedIn / Podcast

 

Key Insights

⚡ The Birth of Payments Podium

Kevin Olsen shares the story behind his podcast, the Payments Podium. A casual comment from a colleague inspired him to record his discussions about the payments industry. He began by inviting people he knew to be guests and then expanded his network by asking each guest to recommend others. This approach has led to a wide variety of guests, each with their own unique experiences and insights to share. The podcast has become a valuable resource for anyone interested in the payments industry.

 

⚡ The Importance of Fun and Joy in Learning

Kevin discusses the importance of making learning fun, especially when it comes to complex topics like electronic payments. He emphasizes the effectiveness of 'edutainment,' a blend of education and entertainment, in facilitating learning. He also highlights the importance of bite-sized, easily digestible content that busy professionals can revisit and relearn at their own pace.

 

⚡ The Future of Payments

The conversation concludes with a discussion about the future of payments. Kevin underscores the need for the U.S. to develop instant payment capabilities in order to compete globally. He believes that staying abreast of changes in the industry is crucial for success and that financial institutions must strive to be more than just 'afloat' – they should aim to lead.

 

Episode Highlights

The Role of Strategy in Operations

Timestamp: [00:10:27]

In a deep dive into the role of strategy in operations, Kevin Olsen and Joe Casali discuss the importance of strategic thinking at all levels of an organization. Kevin emphasizes that strategy isn't just for the boardroom; even senior operations staff can contribute to strategic planning.

"People learn best in one of two states. Fear and joy. The other thing is these people with busy schedules, juggling a lot of balls, make bite-size [decisions], make it easy for them to be able to ingest, make it something that they can over time revisit. But on the other side is that board. The other side is the executive management team."

 

The Power of Asking Questions

Timestamp: [00:16:27]

Kevin shares his approach to learning and growth in the industry, emphasizing the power of asking questions. He encourages listeners to follow industry leaders they admire and to not be afraid to ask questions.

"So learn how you learn. Follow the people in the industry who you want to be like. If you wanna be like them, you follow 'em. If you don't wanna be like them, don't follow 'em and ask the questions."

 

The Evolution of the Payments Podium

Timestamp: [00:20:15]

Kevin shares the evolution of his podcast, the Payments Podium. He talks about how he started by asking his friends to be guests and then expanded his network by asking each guest to recommend others.

"So the first thing I did was I started asking my friends. Hey, can you guys be on this podcast? Can we talk about this next thing?"

 

The Importance of Instant Payment Capability

Timestamp: [00:22:45]

In a discussion about the future of payments, Kevin emphasizes the need for the U.S. to develop instant payment capabilities to compete globally.

"No doubt in my mind we have to have instant payment capability in the U.S. If for no other reason, but to compete globally."

 

To hear this episode and many more like it, subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts, or listen above.

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

⚡ 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.

 

⚡ 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.

 

⚡ 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."

 

To hear this episode and many more like it, subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts, or listen above.