Our fourth and final episode recorded live at Money20/20 USA in partnership with Newline by Fifth Third. Russell Goldsmith and Graham Barrett chat with: Kash Razzaghi, Chief Commercial Officer, Circle Aleksandra Teichman, SVP, Embedded Finance and Banking Strategy, MAPP Advisors Nick Stanescu, EVP & Chief FedNow Executive, Federal Reserve Financial Services Our guests explore the seismic shifts shaping the payments ecosystem. From blockchain’s role as the new backbone of finance, to the rise of embedded banking and the rollout of FedNow’s real-time infrastructure, we discuss how innovation, regulation, and instant settlement are redefining the movement of money across the globe. Blockchain from Buzzword to Backbone – with Kash Razzaghi, Chief Commercial Officer, Circle Graham chatting with Kash Razzaghi, Chief Commercial Officer, Circle Kash Razzaghi joins host Graham to discuss the future role of blockchain as the backbone of the global financial ecosystem. Building on his Money20/20 session, “Buzzword to Backbone: Blockchain’s Future Role in the Payments Ecosystem,” Razzaghi explores how blockchain technology is evolving from hype to tangible infrastructure. Drawing comparisons with the internet’s impact on information exchange, Razzaghi describes blockchain as the “infrastructure layer for money.” He explains Circle’s founding vision of enabling digital dollars to move across the internet with instant settlement and minimal cost. According to Razzaghi, as technology and regulation align, blockchain could become the operating system for global value exchange. He also discusses the implications for financial institutions, predicting that expectations for instant, low-cost transactions will reshape how businesses and consumers move money. The conversation highlights the importance of scalability, regulation, and trust, as well as Circle’s role in bridging traditional finance with digital assets through partnerships with banks. When asked about use cases, Razzaghi points to the growing traction of stablecoins in cross-border payments, payroll, and B2B transactions. He also addresses concerns around volatility and regulation, emphasising education and transparency as key to mainstream adoption. Looking ahead, he envisions blockchain evolving beyond payments to become a universal system for tokenising and exchanging all forms of value. Reimagining Card Solutions and Embedded Finance – with Aleks Teichmann, SVP, MAPP Advisors with Aleks Teichman, SVP, Embedded Finance and Banking Strategy, MAPP Advisors Host Russ welcomes Aleks Teichmann to discuss how MAPP Advisors is helping financial institutions innovate in the world of payments, issuing, and acquiring. With over two decades of experience across networks, processors, and banking, Teichmann brings a unique perspective on the convergence of product, technology, and financial services. Teichmann explains how card solutions have evolved far beyond their original purpose of purchasing goods and services. Today, cards are central to both pay-in and pay-out experiences, supporting money movement for businesses and consumers alike. She highlights how real-time expectations are reshaping payments, with users demanding instant onboarding, instant transfers, and real-time controls, all while financial institutions work to balance speed with fraud prevention. Discussing innovation, Teichmann explores the rise of agentic commerce, the growing role of AI, and how businesses are adapting to an accelerating rate of change. While acknowledging that many AI implementations fail, she points out that the small percentage that succeed are transformative, particularly in compliance, customer service, and monitoring functions. On differentiation, Teichmann stresses the importance of mastering core offerings before expanding into adjacent services. She describes how merchants and enterprise businesses are increasingly becoming platforms in their own right, seeking seamless, efficient payment solutions. Turning to global payments, Teichmann praises card networks such as Visa Direct and Mastercard for enabling 24/7 cross-border payouts, and notes the growing influence of stablecoin settlement as a complementary innovation. Concluding with a look ahead, she argues that the future is not about one payment rail replacing another but about providing choice, enabling cash flow as a service across card, bank, and decentralised systems alike. Instant Payments and Innovation in the US – with Nick Stanescu, Chief FedNow Executive, Federal Reserve Financial Services with Nick Stanescu, EVP & Chief FedNow Executive, Federal Reserve Financial Services In the final interview, Russ speaks with Nick Stanescu about the FedNow Service, a major step forward in real-time payments for the United States. Launched in July 2023, FedNow already counts 1,500 participating institutions and aims to provide 24/7, year-round instant payments for individuals and businesses nationwide. Stanescu outlines how FedNow is already enabling innovation across the ecosystem. Financial institutions and fintechs are developing use cases ranging from earned wage access and QR-enabled payments to new treasury tools. The Federal Reserve is supporting this through APIs, developer resources, and sandbox environments that encourage industry collaboration. He highlights FEMA emergency disbursements by the US Treasury as a powerful real-world example of instant payments delivering real impact. Addressing challenges, Stanescu identifies three main areas: educating institutions new to instant payments, encouraging participants to move from receiving to also sending payments, and overcoming perceptions about the difficulty of operating 24/7. Built on the ISO 20022 standard, FedNow is designed for interoperability with other payment networks, facilitating seamless and data-rich transfers. Looking ahead, Stanescu foresees continued growth in participation and transaction volume, with future focus shifting from speed to intelligence, inclusivity, and ubiquity. He predicts that payments will become more data-driven, transparent, and efficient, marking what he describes as a “revolution” in US payments infrastructure. Summary This episode captures the dynamic transformation of the payments landscape, from blockchain and stablecoins to cards, AI, and instant payments. Kash Razzaghi, Aleks Teichmann, and Nick Stanescu each provide a lens into different parts of the ecosystem, united by a common vision: a future where money moves as easily, instantly, and globally as information does today. Whether it’s blockchain as the new financial backbone, embedded finance empowering modern businesses, or real-time systems redefining national infrastructure, the message is clear, the evolution of payments is accelerating, and the next era of global value exchange is already taking shape. In partnership with PRCA members receive 10 CPD points for listening to this podcast if they log it on the CPD programme. View episode
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