Wrestling Payments

Send us a text. (email us if you need a response)Episode Summary In this episode of Wrestling Payments, Joe Casali sits down with Steve Wasserman of Vments and Larry Pruss of Strategic Resource Management for an urgent conversation about the seismic shifts happening in payments right now. Stablecoins and tokenized deposits aren't coming—they're here, and they're already pulling deposits away from traditional institutions. Steve breaks down the critical differences between these technologies and why full-reserve models are creating both new opportunities and existential threats for banks and credit unions. Larry shares eye-opening data on deposit outflows and explains why institutions can't afford to wait while new players capture customer relationships. The conversation tackles practical challenges head-on, from building acceptance networks to preventing costly user mistakes, and explores how QR codes and programmable money are about to transform the payment experience. This episode is a wake-up call: the time to develop your digital asset strategy isn't someday—it's now.Guests-at-a-Glance Steve Wasserman Founder and CEO, Vments A leading voice in digital currencies and payments infrastructure, helping financial institutions navigate the strategic complexities of stablecoins and emerging payment technologies. LinkedInLarry Pruss Senior Vice President, Digital Assets Advisory Services, SRM (Strategic Resource Management) A strategic advisor guiding banks and credit unions through the digital assets landscape with practical, regulatory-ready approaches to emerging payment trends. LinkedInKey InsightsThe Deposit Battle Is Already Underway Financial institutions are losing deposits to stablecoins and digital asset platforms at an alarming rate—in some cases, 3% per month. This isn't a future threat; it's happening now. Stablecoins operate on full-reserve models with public blockchain transparency, offering speed and efficiency that attract businesses and consumers alike. Traditional institutions that viewed competition as coming only from other banks are now facing deposit outflows to fintechs and digital platforms that operate with fewer intermediaries. The competitive landscape has fundamentally shifted, and institutions must develop new strategies to retain customers and stay relevant in this digital-first payments world.Strategy First, Adoption Second The pressure to launch stablecoin products or tokenized deposit services is intense, but rushing in without a clear strategy leads to wasted resources and customer confusion. The winning approach starts with understanding user needs, building acceptance networks, and establishing the right partnerships before launching anything. Institutions need to map out how payments will be accepted, integrate with wallet providers, and ensure smooth conversion between digital assets and traditional money. This methodical planning manages risk, supports compliance, and prevents customers from defecting to better-prepared competitors. In this rapidly evolving space, strategic groundwork separates sustainable growth from expensive mistakes.QR Codes and Programmable Money Are the Future Interface The next generation of payments is being built on secure QR standards and programmable money. Technologies like X9 QR codes let users pay across multiple rails—ACH, instant payments, cards, or wallets—with a single scan. This streamlines the customer experience while enabling programmable features like automated refunds and conditional payments that eliminate manual intervention. 

Send us a text. (email us if you need a response)EPISODE SUMMARYIn this episode of Wrestling Payments, host Joe Casali sits down with Rich Carty from Remedy to dig into the realities of core technology contracts in banking and payments. Rich shares how financial institutions weigh tough choices when locked into long-term vendor agreements and why early planning is critical. He explains how most banks only revisit core contracts every few years, often finding themselves committed to outdated solutions for longer than they expect.Rich points out that new technology and artificial intelligence are top of mind for many leaders. He sees demand for AI solutions rising fast, but notes that organizations remain cautious, balancing the urge to innovate with the need to avoid early missteps. Rich encourages institutions to seek advice, gather input from all departments, and focus on due diligence before making changes.Throughout the conversation, Rich uses real stories to show the value of reviewing contracts and staying proactive. He highlights how the right approach can free up resources, improve vendor relationships, and help organizations adapt as the payments industry evolves.GUEST-AT-A-GLANCEName: Rich Carty What he does: Vice President, Business Development Company: RemedyNoteworthy: Rich helps banks and credit unions review, negotiate, and optimize technology vendor contracts, with a focus on core systems, renewals, and technology transitions. Where to find him:https://www.linkedin.com/in/rich-carty-24918918KEY INSIGHTSStart Contract Planning Three Years AheadLong-term vendor contracts shape how banks operate, often locking in core systems for up to a decade. Early planning is the best way to avoid getting stuck with outdated technology or unfavorable terms. Financial institutions that want options—like switching vendors or just negotiating a better deal—need to start the process two to three years before their current contract expires. This timeline accounts for vendor schedules, internal reviews, and the complexity of core system transitions. By moving early, organizations protect themselves from last-minute decisions and keep leverage at the table. The approach also gives teams time to gather input across departments and align technology with business goals. In a fast-moving payments landscape, a proactive timeline is the difference between staying ahead and falling behind.Due Diligence Uncovers Savings and Prevents RegretA thorough review of technology contracts can reveal hidden costs and new opportunities. Even long-standing vendor relationships deserve a second look, as loyalty doesn’t always mean the best price or terms. With due diligence, organizations spot gaps, compare options, and often negotiate better deals. This process can free up resources for growth, support new projects, or make room for future upgrades. Relying on familiarity or letting contracts auto-renew leads to missed savings and limits flexibility. By treating every renewal or transition as a strategic decision, financial institutions protect their budgets and set themselves up for smarter, more agile operations.

Send us a text. (email us if you need a response)EPISODE SUMMARYIn this episode of Wrestling Payments, host Joe Casali sits down with Jordan Thaeler to explore how embedded payments lock merchants into costly, inflexible systems. Jordan explains why many software providers bundle payment services with their core products, leaving merchants with few choices and rising costs. He shares how this model drives up payment fees over time while reducing merchant leverage and support.Jordan describes the risks of a market where software and payments are tied together. He uses examples like Toast and Shopify to show how merchants often pay much more than the market average, with little transparency or recourse. As more processing volume moves to embedded payments, Jordan argues that choice and competition are critical for a healthier payments ecosystem.The conversation turns to dual pricing models and the global push for bank-to-bank payments. Jordan makes the case for more options and education, so merchants are no longer “hostages” to their software providers.GUEST-AT-A-GLANCEName: Jordan Thaeler What he does: Co-Founder Company: POS+ Noteworthy: Known for exposing hidden payment practices and building tools that give merchants more choice in payment processing. Where to find him: https://www.linkedin.com/in/jjthaeler/ Guest Company Website: https://www.posplus.org/KEY INSIGHTSEmbedded Payments Can Trap Merchants in High-Cost SystemsWhen software providers bundle their own payment services into their platforms, merchants lose the ability to shop for better rates or support. Over time, these bundled arrangements drive up payment costs while locking businesses into a single provider, making it tough to switch even when fees rise or service drops. This lack of competition leads to higher margins for software companies, but often leaves merchants paying far above the market average. The friction of changing systems, along with limited transparency, means that many businesses end up stuck with unfavorable terms. The core insight is clear: without real choice and portability in payment workflows, merchants risk becoming hostages to their own software—paying more for less flexibility.Choice and Transparency Lower Merchant Payment CostsGiving merchants freedom to choose among payment providers can restore balance in the payments ecosystem. Integrating open payment workflows into popular software platforms allows businesses to negotiate better deals and demand improved service. When payment options are unbundled, outside experts and local providers can step in to educate merchants, offer support, and keep costs in check. This shift not only reduces the risk of inflated fees but also promotes honest pricing from software vendors, who must stand behind the true cost of their core products. In a landscape where margins are tight, especially for small businesses, having more transparency and options directly supports their bottom line.

Send us a text. (email us if you need a response)While domestic payments are faster than ever, international transactions remain stuck in the past. In this episode, Monex Chief Economist John Min explains why cross-border payments are often slow, costly, and unpredictable.GUEST-AT-A-GLANCEName: John Min, Ph.DWhat they do: Chief EconomistCompany: MonexNoteworthy: John specializes in global payments, macroeconomic trends, and helps financial institutions navigate the complexities of cross-border transactions and foreign exchange. Where to find him: https://www.linkedin.com/in/john-min-4941634/Most community banks and credit unions rely on a chain of large correspondent banks, creating delays and opaque fees that frustrate customers and hurt businesses. This outdated system puts smaller institutions at a major disadvantage, risking the loss of deposits to larger competitors with more advanced technology.John breaks down how emerging solutions like stablecoins and plug-and-play platforms are set to revolutionize the industry. He argues that by partnering with specialized providers, community banks can level the playing field to offer fast, transparent international payments. Adopting this new technology is no longer just an option—it's essential for protecting their deposit base, improving customer satisfaction, and unlocking new revenue.

Send us a text. (email us if you need a response)AI is changing the world as we know it. I'm please to present a great conversation i had with Brian Keef of Nice Actimize who are a leader in many things, but AI in Banking. In this Wrestling Payments episode, host Joe Casali interviews Brian Keefe, Manager of Portfolio Pre-Sales at Nice Actimize, about AI's transformative role in fraud detection and compliance. Brian addresses critical NACHA rule changes requiring institutions to monitor both incoming and outgoing ACH transactions, expanding beyond traditional outgoing-only oversight.GUEST-AT-A-GLANCEName: Brian Keefe What they do: Manager, Portfolio Pre-Sales Company: Nice Actimize Noteworthy: Brian specializes in AI-driven fraud prevention and compliance for financial institutions, with expertise in cross-channel risk, monitoring, and regulatory adaptation. Where to find him:https://www.linkedin.com/in/brianekeefeKEY INSIGHTSThe AI Arms Race in Fraud Fraudsters now leverage AI to create synthetic identities and execute sophisticated attacks across multiple channels. Brian explains how criminals use AI tools like ChatGPT to mine data and build complete fake profiles, including deepfake photos. These coordinated groups share knowledge online and adapt quickly to new defenses. Traditional single-channel monitoring fails against these threats—institutions need cross-channel risk assessment covering ACH, checks, wires, and digital banking to spot patterns that isolated systems miss.Explainable AI and Human Oversight Brian emphasizes that AI must be transparent, not a "black box." Financial institutions need explainable AI that shows why it flagged transactions, building trust with compliance teams and regulators. The "human in the loop" approach is essential—AI assists but doesn't replace experienced staff. As Brian notes: "AI should never replace what a human does, especially from the risk and compliance perspective." This partnership reduces false positives while maintaining regulatory compliance.Practical Implementation Cross-channel monitoring has become mandatory as fraudsters exploit weaknesses across payment methods. By combining data from all channels, institutions get a complete risk picture and sharper alerts. Brian stresses continuous education through white papers and industry resources, noting that even conservative institutions must adapt because "fraudsters are always adapting and using the latest technology."The key takeaway: AI should function as an assistant that enhances human expertise, helping teams work efficiently while staying ahead of sophisticated threats in our rapidly evolving digital payments landscape.