We’re happy to share the second podcast of the new series Under The Hood from 11:FS and Synapse. In this series, we’re diving deep to uncover the banking infrastructure that is disrupting traditional banking models and shaking up the system to improve the financial lives of millions around the world.
The co-hosts, Simon Taylor, co-founder of 11:FS, and Sankaet Pathak, founder of Synapse are joined by payments guru Nick Ogden, former founder of Worldpay, and now RTGS Global which is working with 43,000 banks to innovate payment flows. Also joining is Craig J. Lewis, founder, and CEO of Gig Wage, a modern payroll payments and banking platform for gig workers and the gig economy.
In this second episode, we’ll focus on an area of fintech that has already seen significant change but is still ripe for further disruption - payments. The hosts guide us through an informative discussion about payments, laying the landscape, and discussing the answers to the questions: “What are the main areas of change within payments and what technology will drive this change, and how?” They highlight bi-directional communication and speed as the two most important aspects of change from a consumer’s perspective.
“We waste $15 trillion a year on financial friction - that is the cost to the economy.”
Moving forward the group dives deeper into the technology and how changes to the core of payments will deliver transformation down to the marketplace. They talk about current payment environments and the use of ACH, interchange, card schemes, and cash. A conversation about when and how to work with regulators for the highest efficiency, including a discussion about codifying governance follows. They conclude by acknowledging the importance of payment data and what they’re looking forward to from payments in the next five years.
In this episode, Sankaet is joined by Misha Esipov, CEO & Co-Founder of Nova Credit, to unpack how new BaaS capabilities address the technical complexities of launching credit products to previously underserved market segments as well as how to take credit global.
In this episode, we explore the Fintech culture and regulatory sandboxes. What is the culture of the Fintech ecosystem? What is the importance of knowing the regulatory and compliance framework? What is a regulatory sandbox and how can it support innovation?
In this episode, we delve deep into the OCC and Blue Ridge Bank Agreement. What was the nature of the agreement? What likely drove the guidelines in the agreement? Is this the beginning of a trend for further OCC agreements?