I grew up in payments.
In the mid-90s, I cut my teeth on Standard Entry Class codes, Return Reason codes, and the logistics of batch clearing and time-based risk in ACH. I know. Sexy, right?
In Payments Land, geeks like me loved to talk shop. Still do.
Comic-Con and Star Trek conventions have nothing on regional payments conferences where payments nerds brandish obscure acronyms and flex arcane knowledge in passive-aggressive conversations about who’s liable for fraud in unusual transaction scenarios.
Today, most payments pros still think of payments in terms of technical categories based on who’s sending the payment, who’s receiving the payment, and which rules apply.
But this tactical mindset creates big blind spots; and blind spots can be dangerous, even fatal, when disruption is at the door.
Accenture predicts that banks risk losing $280 billion in payments revenue by 2025 as more payments become instant, invisible, and free.
So. What to do?