The Most Influential Women in Payments

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THE MOST INFLUENTIAL WOMEN IN PAYMENTS

March/April 2019 www.isoandagent.com

Want to disrupt the payments industry? First disrupt your culture, says BillingTree CEO Christine Lee.

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08 The Most Influential Women in Payments, 2019 Our annual feature highlights the women who are creating change and opportunities in the payments industry. They represent startups, investors, retailers, banks and payment networks from across the globe.

Technology Payments Technology 04 20 22 Square’s banking bid avoids A contactless card wave is coming JPM Coin’s B2B focus breaks the Walmart’s fate — but it’s slow, and won’t aid mobile bitcoin mold So far, the fintech’s bid for an industrial The U.S. market is warming to contact- JPMorgan Chase’s new cryptocurrency, loan company charter hasn’t faced the less card payments, but this slow mo- JPM Coin, is designed to avoid the vola- backlash that plagued Walmart. mentum won’t be enough to jump-start tility that bitcoin is known for. mobile payments. Technology 09 Stripe’s investments deepen its ties to financial services Stripe is already a force in payments. Its investments give it the chance to expand into more financial services.

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1 STATE STREET PLAZA, 27TH FLOOR NEW YORK, NY 10004 • (212) 803-8200 Disruption comes EDITOR Daniel Wolfe 212-803-8397 [email protected] from within CONTRIBUTING EDITOR David Heun To change the payments industry, companies must ART DIRECTOR Robin Henriquez first change their culture.

GROUP EDITORIAL DIRECTOR, BANKING Richard Melville [email protected] One of the themes found in the profiles of this year’s

SALES MANAGER, ADVERTISING Most Influential Women in Payments is the importance Philip Redgate 212-803-8543 of addressing a company’s internal culture to create [email protected] opportunities for mentorship and inclusion. EXECUTIVE DIRECTOR, CONTENT OPERATIONS AND CREATIVE SERVICES When culture is stagnant, innovators flee to other Michael Chu industries — or to smaller, more nimble fintech com- MARKETING MANAGER petitors. Deborah Vanderlinder Our annual Most Influential Women in Payments CUSTOMER SERVICE 212-803-8500 feature highlights the women who are creating change [email protected] and opportunities in the payments industry. They represent startups, investors, retailers, banks and payment networks from across the globe. For many, their path to success wasn’t a straight line, and they credit their mentors with setting a clear example. Taira Hall, the vice president of U.S. partnerships and new initiatives for Visa Business Solutions, said she has learned much from payments veteran Ellen Richey, Visa’s chief risk officer and vice chairman. CHIEF EXECUTIVE OFFICER ��Gemma Postlethwaite “What makes her an admirable leader is that she openly shares her own CHIEF FINANCIAL OFFICER ��Sean Kron career experiences, including those periods in which she faced substantial chal- EVP & CHIEF CONTENT OFFICER ��David Longobardi lenges and great uncertainty,” Hall said. “She never paints an unrealistic picture CHIEF STRATEGY OFFICER ��Jeff Mancini of a career path or how it may evolve over time.” CHIEF DATA OFFICER �� Christian Ward These influential executives also benefit from the backing of a strong team, SVP, CONFERENCES & EVENTS �� John DelMauro demonstrating that the lessons of their leadership are already being shared among their workforces and beyond. ISO&Agent is published 6 times a year by SourceMedia, Inc., One State Street Plaza, 27th Floor New York, NY “When building a great team, I always try to hire people smarter than me 10004. For customer service contact us at (212) 803-8500; and then empower them to be successful. For my team to succeed, it’s critical email: [email protected]; or send correspondence to Customer Service, ISO&Agent, One State Street Plaza, they have the context into all projects and bigger picture so they can approach 27th Floor New York NY 10004. each task with an understanding and a passion for success,” said Shubhi Rao, For more information about reprints and licensing content from ISO&Agent, please visit www.SourceMediaReprints. chief financial officer at Dosh. com or contact PARS International Corp. (212) 221-9595. “As a leader, I’m right in the trenches with my team, tackling issues hand- Those registered with the Copyright Clearance Center (222 Rosewood Drive, Danvers, Mass., 01923) have in-hand because I know my success can only be a good as the success of my permission to photocopy articles. The fee is $10 per copy. Copying for other than personal use or internal reference team,” Rao said. is prohibited without express permission. Lou Anne Alexander, group president of payments at Early Warning, advises This publication is designed to provide accurate and that women also be true to themselves. authoritative information regarding the subject matter covered. It is sold with the understanding that the “Never compromise who you are. So many women try to be like men,” she publisher is not engaged in rendering financial, legal, accounting, tax, or other professional service. ISO&Agent said. is a trademark used herein under license. © 2019 ISO&Agent and SourceMedia, Inc. All rights reserved. —Daniel Wolfe

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the FDIC received a mere five comment helps incarcerated women re-enter the letters, with some groups expressing workforce through starting up business- concerns. es. “This kind of opportunity is critical After Square withdrew its first bid to true economic empowerment.” and reapplied late last year, the agency Sam wrote that those “who have received 15 letters. Nearly all were in fa- been affected by incarceration are vor of the charter while one comment- the very definition of underserved and er, the ICBA, opposed it and another often look to start their own businesses two (written by the same person) said as they re-integrate into society.” Square’s charter should come with But industry observers say Square conditions. By comparison, the Walmart still faces hurdles in obtaining a charter. application had around 13,000 com- If it wins approval, it would be the ment letters, with critics of the retailer’s first fintech company to get a federal bid including banks, union leaders and banking charter since digital financial lawmakers. services firms began expanding their “I’m cautiously optimistic that the market share. It would also be the first FDIC will look at this [Square] applica- new ILC approved in years. tion the same way it” used to look at Meanwhile, McWilliams, who took Square’s banking bid ILCs, which is “on its merits,” Howard the reins of the FDIC in June, recently Headlee, president of the Utah Bank- initiated a process to gather public avoids Walmart’s fate ers Association, said in an interview. comments on de novo chartering as So far, the fintech’s bid for an industrial loan company Square’s application, he added, “will a whole. How the agency rules on be the first opportunity to demonstrate the Square bid could help convey the charter hasn’t faced the backlash that plagued Walmart. that we have achieved normalcy in the FDIC’s views going forward on approv- de novo process and I think everybody ing deposit insurance applications. By Rachel Witkowski should be happy to see that.” “We’re looking at a new era of bank Square, which specializes in credit chartering and deposit insurance,” said As Square seeks federal approval for tween what happened when Walmart card payment devices used by small V. Gerard Comizio, a partner in the a Utah industrial loan company, the applied and the dynamics today with businesses, is proposing to use the ILC corporate department and chair of fintech’s bid has so far avoided the kind Square applying,” said Camden Fine, through its Square Capital unit to ex- the banking practice at Fried Frank’s of loud, public opposition that marred who led the fight against Walmart’s pand credit products for small-business Washington office. “What’s interest- past ILC bids by higher-profile non- application as the ICBA’s then-CEO. He owners and provide deposit-account ing between the time of Walmart and banks. is now president and CEO of Calvert services. The venture has drawn support now is that the banking agencies have Community banks still criticize the Advisors. “At its heart, Square is a fi- from a diverse array of stakeholders, made it clear to the banking industry ILC charter as a banking loophole for nancial services company that’s heavily including local politicians, minority and that financial technology is in the busi- non-financial firms, and the Indepen- involved in payments.” community groups, and small-business ness of banking.” dent Community Bankers of America The furor over applications by owners. After previously withdrawing its ap- opposes Square’s application. Walmart and then Home Depot in 2006 Commenters to the FDIC shared plication, Square sought to strengthen But the vast majority of comment helped precipitate a sharp slowdown stories of how Square supports small the bid and reapplied in December. The letters to the Federal Deposit Insurance in new ILCs overall. But with fintech businesses, including those underserved company also has a pending appli- Corp. on Square’s reapplication support firms acting more like banks and FDIC by other providers. cation with the Utah Department of the proposed banking venture. That is Chairman Jelena McWilliams trying to “With a solution like Square Capital, Financial Institutions. in stark contrast to previous outcries overhaul the bank chartering process, the decision for a loan is based on the “An ILC is particularly well-suited over ILC bids by large retailers — in- there is cautious optimism that Square success of the business and not on for a company such as Square that cluding Walmart — before the finan- will succeed. the business owners previous personal has strong rooting in financial services cial crisis, which forced companies to There may also just be less attention challenges,” wrote Topeka Sam, founder and serving an underserved market,” withdraw. to the issue this time around. When and executive director of the Ladies of Jackie Reses, the head of Square “There are a lot of differences be- Square first applied for an ILC, in 2017, Hope Ministries in New York. The group Capital, said in an emailed response.

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the FDIC received a mere five comment helps incarcerated women re-enter the “An ILC will allow us to engage directly proving a charter, such as heightened letters, with some groups expressing workforce through starting up business- with regulatory bodies as we broaden capital standards, certain expectations concerns. es. “This kind of opportunity is critical access to the financial system, and we for the board or extra community in- After Square withdrew its first bid to true economic empowerment.” look forward to working closely with the vestment requirements. These condi- and reapplied late last year, the agency Sam wrote that those “who have FDIC and Utah DFI as they review our tions can be added at any point in the received 15 letters. Nearly all were in fa- been affected by incarceration are applications.” process. vor of the charter while one comment- the very definition of underserved and Since Square is already in the finan- One commenter stressed that the er, the ICBA, opposed it and another often look to start their own businesses cial services realm, observers say it has FDIC should broaden the Commu- two (written by the same person) said as they re-integrate into society.” an advantage over a firm like Walmart. nity Reinvestment Act requirements Revamp social media Square’s charter should come with But industry observers say Square The retail giant launched multiple bids for Square’s ILC. The law was formed presences so younger clients conditions. By comparison, the Walmart still faces hurdles in obtaining a charter. to enter the banking industry, the last before online banking and grades have better platforms to engage with the planning process. application had around 13,000 com- If it wins approval, it would be the being a 2005 application to charter a banks’ community lending based on ment letters, with critics of the retailer’s first fintech company to get a federal new ILC. the resources it provides in its physical bid including banks, union leaders and banking charter since digital financial Legally speaking, an ILC is one of branch network. lawmakers. services firms began expanding their the last viable routes for a nonfinan- “The local Assessment Area that the “I’m cautiously optimistic that the market share. It would also be the first cial firm to own an FDIC-insured bank, proposed Square Bank has delineat- FDIC will look at this [Square] applica- new ILC approved in years. since the charter is exempt from bank ed around its planned Salt Lake City tion the same way it” used to look at Meanwhile, McWilliams, who took holding company requirements. But headquarters results in an inequitable ILCs, which is “on its merits,” Howard the reins of the FDIC in June, recently Walmart’s quest for a bank charter distribution of critical CRA resources Headlee, president of the Utah Bank- initiated a process to gather public generated years of public and political which ends up benefiting that small ers Association, said in an interview. comments on de novo chartering as backlash, and led to several moratori- community, compared to their much Square’s application, he added, “will a whole. How the agency rules on ums on new ILC charters. larger and more relevant national be the first opportunity to demonstrate the Square bid could help convey the “It was a much different time and deposit and loan base,” wrote Ken- that we have achieved normalcy in the FDIC’s views going forward on approv- the fact that Walmart was a huge neth Thomas, president of Community de novo process and I think everybody ing deposit insurance applications. retailer ... our line of attack was you Development Fund Advisors in Miami. should be happy to see that.” “We’re looking at a new era of bank should not mix commercial banking “Therefore, as a condition of the ap- Square, which specializes in credit chartering and deposit insurance,” said with retail operations,” Fine said. proval of this application, the Applicant card payment devices used by small V. Gerard Comizio, a partner in the But the ICBA still opposes the should revise their proposed AA to be businesses, is proposing to use the ILC corporate department and chair of Square bid because it has long-stand- national in scope.” through its Square Capital unit to ex- the banking practice at Fried Frank’s ing concerns about the ILC charter. Thomas also requested that the pand credit products for small-business Washington office. “What’s interest- In a comment letter, Christopher FDIC require Square to provide CRA in- owners and provide deposit-account ing between the time of Walmart and Cole, executive vice president of the vestments “proportional to the amount services. The venture has drawn support now is that the banking agencies have ICBA, noted “a significant problem with of business generated from any [metro- from a diverse array of stakeholders, made it clear to the banking industry the Square application since the hold- politan statistical area] producing 5% including local politicians, minority and that financial technology is in the busi- ing company of Square and its affili- or more of their business.” community groups, and small-business ness of banking.” ates already engage in a diverse set of The FDIC declined to comment; owners. After previously withdrawing its ap- commercial activities including a food the agency does not weigh in on open Commenters to the FDIC shared plication, Square sought to strengthen delivery business, a software business, applications. stories of how Square supports small the bid and reapplied in December. The and an online hardware store.” The agency has the option to host a businesses, including those underserved company also has a pending appli- “For safety and soundness rea- public hearing before making a deci- by other providers. cation with the Utah Department of sons and to maintain the separation sion on Square. It hosted several in the “With a solution like Square Capital, Financial Institutions. of banking and commerce, the FDIC case of Walmart. the decision for a loan is based on the “An ILC is particularly well-suited should deny Square’s application and But some observers say if the FDIC success of the business and not on for a company such as Square that impose a moratorium on future ILC does host such a hearing, it would only the business owners previous personal has strong rooting in financial services deposit insurance applications,” Cole be for the sake of transparency rather challenges,” wrote Topeka Sam, founder and serving an underserved market,” wrote. than a reaction to public controversy and executive director of the Ladies of Jackie Reses, the head of Square The FDIC can also address some since Square has garnered community Hope Ministries in New York. The group Capital, said in an emailed response. concerns by adding conditions to ap- support. ISO

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invests in Rapyd. Payments capabilities [are] redefining what it means to be a core processor,” said Richard Crone, a payments consultant, who says Stripe’s investment is a competitive threat to both traditional financial services technology companies as well as smaller niche players. General Catalyst, one of Stripe’s investors, is also part of the Rapyd investment. General Catalyst has been a collaborator with Stripe through a joint platform fintech fund for about four years. “Rapyd is bridging the gap between robust economies and an increasingly important group of stakeholders in global commerce: the unbanked and the non-credit/debit card economy,” said Adam Valkin, managing director Patrick Collison and John Collison, co-founders of Stripe Inc. of General Catalyst, which has also in- vested in Gusto, Fundbox, Monzo, Cadre Stripe’s investments and others. Rapyd’s fees are 3.5 percent plus 30 tie to financial services cents for “funds in” transactions; with different fees for other functions such Stripe is already a force in payments. Its investments give as a $1.50 plus one percent fee for it the chance to expand into more financial services. “funds out” that competes with Mon- eyGram, Western Union, and PayPal’s By John Adams Xoom. Rapyd also has more than 100 bank Stripe’s large and quickly expanding acquiring and financial services IT partnerships, which could provide valuation enable it to forge connec- industries as Fiserv has agreed to buy Stripe insight into how to gain access tions among many sources of innova- First Data, a move that’s likely to spur to the global banking system without tion, placing even more pressure on more deals. PayPal and Square, which becoming a bank, according to Crone. traditional technology providers and are more direct rivals to Stripe, are also “Think of Rapyd as a payments financial institutions. expanding beyond their core payment facilitator for alternative methods of It’s leading a $40 million investment businesses to become broader mer- payments, such as cash, bank transfers, in Rapyd, an amount far below Stripe’s chant providers by adding credit and e-wallets, local cards and other local- own $22 billion valuation, but an invest- other encroachments into banking. ized payments,” Crone said. ment than can expand technology that Rapyd has a mix of bank partner- Rapyd provides funds collection, serves many major fintech movements ships and diverse technology that disbursements, compliance, foreign at once, touching the gig economy, could branch out with Stripe and exchange, card issuing and integration financial inclusion, e-commerce, and General Catalyst’s financial support for clients in the gig economy, e-com- local payment processing in different and potential collaboration. Stripe can merce, online banking, lending, remit- countries. also continue its own diversification via tance and travel. Rapyd will use the $40 The investment comes amid con- Rapyd’s products. million investment to expand its range solidation in the traditional merchant “Fiserv buys First Data, and Stripe of businesses and tools. ISO

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008_ISO030419 8 2/28/2019 3:06:47 PM DISRUPTION COMES FROM WITHIN When women flee tech roles, the payments industry suffers. ‘This is, in part, why some of the larger financial institutions have been caught flat footed by forward-thinking and agile fintech competitors,’ said Christine Lee, CEO, BillingTree

omen are being driven from high-technology jobs by linger- ing male-dominated culture, and Christine Lee is calling on colleagues that have high profile Wpositions to take responsibility for fixing this culture. “Isolation, male-dominated work environments, ineffective feedback and a lack of effective sponsors are factors pushing women to leave [science, engi- neering and technology] jobs,” said Lee, BillingTree’s new CEO and a financial services veteran with ample experience leading teams at several organizations. One of PaymentsSource’s Most Influential Wom- en in Payments for 2019, Lee is also president elect and a board member of the Electronic Transactions Association. She is also a board member of Wnet, a professional association for women working in payments. Lee hopes these organizations will help Profiles by John Adams, encourage future leadership. Kate Fitzgerald, David Heun, There’s still too few women in leadership posi- Michael Moeser tions, she said. This has made driving diversification Art by Robert Carter in financial services a long battle, according to Lee,

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adding women women who start in How BillingTree’s new boss, Christine Lee, and families,” Lee said. business roles at tech-intensive indus- The value of team is never far away, tries leave for other industries at high brings digital expertise to health care payments a lesson in collaboration and engage- rates — 53 percent of women vs 31 ment inspired by Bill Higgins, the former The health care industry yearns for a by check, according to GHX. percent of men, according to Catalyst. owner and president of Retriever Pay- digital antidote to paper payments, a These older process remain despite “Women in influential positions need challenge that awaits an executive who attempts from financial technology ments in Houston, who Lee said often to take the steps to reverse this trend has spent years bringing businesses into companies over the years to introduce spent a portion of the day catching up by educating their counterparts and the digital light. digital payments, ample attention from or “just saying hello” to staff, even with the fintech industry as a whole,” she “Health care means something different fintech investors and cryptocurrency a busy schedule. “He always took an said. to almost everyone ... there’s different advocates; warnings from those who wish active part in community fundraisers Lee’s enthusiasm to meet the chal- types of businesses, activities and types to automate the health care industry; and made it clear to everyone in the lenges of a dynamic industry also help of providers,” said Christine Lee, who took and expenses that suggest the medical in her new job. over as CEO of BillingTree earlier this year. industry is losing more than 20 percent of “I see the fintech disruption every In that time, Lee has developed a vision its treatment time to paperwork. for how billing can integrate with different In an attempt to fix that, Lee plans to day,” said Lee, who has been CEO of JANET BANNISTER parts of the medical experience to remove apply her experience in digital transac- BillingTree for just a few months, follow- Partner paper and bring about a long-awaited tions to the company’s own past with B2B ing a long and stellar career spanning Real Ventures streamlining. “There’s an experience that automation. several financial services disciplines. we have that we can bring into the health The biggest challenge in health care A good way to gauge the “There are very few industries going care business,” she said. automation is that much of the experience future is to watch where tech- through the same extent of change at Lee’s experience with association work is pieced together from tasks that must nology money goes, and that the moment, so playing a prominent includes diversifying industry input and be individually modernized. BillingTree is makes Janet Bannister one of part in shaping the evolution of the collaboration, so it’s “not just payment attempting to automate these steps, then fintech’s best barometers. payment industry is truly a rewarding companies, but fintechs and startups,” Lee integrate them into a payments gateway Name an innovation that’s experience.” said. “The ETA has done a good job of ap- that provides the same level of digital changed retail payments— Lee comes to BillingTree, which proaching new members in recent years.” billing that exists in other industries. mobile, e-commerce, AI—and employs about 109 people, as it seeks Health care payments due for a checkup “We have customers in the [accounts Bannister has been there from Long after most consumer-facing expe- receivable management] space and we to build automation in health care the start. riences have embraced digital payments do collections, so there’s an opportunity payments, an industry where paper still She’s worked as consultant, investor, board member and a general omnichannel experience, there,” Lee said. dominates. The company will use its and mentor. health care remains mired in older BillingTree has combined its billing own experience serving business pay- procedures. technology with iPayX, a digital payment As far back as 2001, Bannister was director of catego- ments and invoicing, combined with While ordering a ride via Uber or Lyft company that supports debit, credit, ACH, ry development at eBay, helping to grow the giant digital an acquisition of the Internet Payment is as easy as using a mobile app and e-check, FSA and HSA payments with au- marketplace from a collectibles venue to a multi-million Exchange (iPayX), to build a compre- stored card credentials to automatically dit trails, documents and other information dollar marketplace in books, clothing, home and garden, hensive health care system covering pay upon leaving the car, and Amazon tied to billing and payments. and jewelry. debit, credit, ACH, e-check, FSA and and other retailers make it possible to “If you look at radiology or assisted Later, Bannister became one of the best-known in- HSA payments. shop by voice, people still fill out forms in living or long-term care, businesses which novators in Canada when she founded the classified ad She’ll also draw on her own experi- doctors’ waiting rooms, receive explana- provide services and manage incoming site Kijiji, which became one of Canada’s most popular ence, including a stint as president of tion-of-benefits statements in the mail, and outgoing payments, there are natural websites before becoming part of eBay. and write checks to cover what their segues that speak to our legacy in AR North American Strategic Partnerships Now she’s spotting the next wave, with a focus on health insurance does not. management,” Lee said. at Moneris, serving as a board member hot trends such as alternative merchant credit and how For an industry on the cutting edge Lee she was looking forward to making at SecureBuy; and leading teams at changes in the way people work alter the way they man- when it comes to treating illness and a more mainstream billing experience for Vantiv and Bank of America. delivering diagnosis, health care providers health care. “We’re looking at things that age the money. “I often wish there were more than face a substantial technology gap in other the Stripes and the Squares of the world For the past six years, the University of Western On- 24 hours in the day so I could accom- areas. More than three- quarters of pro- are doing and bringing that into a more tario graduate has been an impossible to miss fixture in plish even more, play an even greater viders still receive more than half of their traditional type of billing environment, and Toronto’s technology investment scene as a partner at role in the industry and lean more payments by check; even the most auto- as we go deeper into health care, that will Real Ventures, spotting the innovators who will create about my employees and their lives mated providers get one in five payments be our advantage.” the next generation of financial and retail technology. Real usually invests about $150 million in about 20

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How BillingTree’s new boss, Christine Lee, and families,” Lee said. company that they could be proud SEE THE FULL The value of team is never far away, of their involvement,” said Lee, who LIST ONLINE brings digital expertise to health care payments a lesson in collaboration and engage- worked for Higgins. The stories that follow are ment inspired by Bill Higgins, the former It’s an important lesson for Lee, by check, according to GHX. excerpts from a selection of owner and president of Retriever Pay- who says that with disruption so rife, These older process remain despite this year’s honorees. attempts from financial technology ments in Houston, who Lee said often opportunities can be missed if everyone companies over the years to introduce spent a portion of the day catching up isn’t keeping an eye on innovation and View the full list and profiles digital payments, ample attention from or “just saying hello” to staff, even with pulling in the right direction. at: https://www.payments fintech investors and cryptocurrency a busy schedule. “He always took an “It’s vital for employees to have source.com/women-in- advocates; warnings from those who wish active part in community fundraisers someone to set an example for them to payments/ to automate the health care industry; and made it clear to everyone in the follow,” Lee said. and expenses that suggest the medical industry is losing more than 20 percent of its treatment time to paperwork. In an attempt to fix that, Lee plans to JANET BANNISTER apply her experience in digital transac- Partner companies each year, with fintech making up about half tions to the company’s own past with B2B Real Ventures of its investments. automation. The biggest challenge in health care A good way to gauge the From there, Bannister has helped lead investments automation is that much of the experience future is to watch where tech- and worked with a dozen companies, such as Partner- is pieced together from tasks that must nology money goes, and that Stack, a reseller and marketing company; Kooltra, a be individually modernized. BillingTree is makes Janet Bannister one of forex technology company; and Instant, a company attempting to automate these steps, then fintech’s best barometers. that’s at the fore of changing payroll. integrate them into a payments gateway Name an innovation that’s As payrolls rapidly evolve beyond the traditional two- that provides the same level of digital changed retail payments— week cycle in the sharing economy, Instant rewrites the billing that exists in other industries. mobile, e-commerce, AI—and relationship between employees and their salary. Staff “We have customers in the [accounts Bannister has been there from can get paid after every shift, and can use Instant’s card receivable management] space and we the start. to make payments at Visa and Mastercard merchants do collections, so there’s an opportunity She’s worked as consultant, investor, board member and access more than 33,000 no fee ATMs. The fintech there,” Lee said. and mentor. counts Papa John’s, McDonalds, Carrabra’s and Chili’s BillingTree has combined its billing technology with iPayX, a digital payment As far back as 2001, Bannister was director of catego- among its clients. company that supports debit, credit, ACH, ry development at eBay, helping to grow the giant digital Bannister is also at the ground floor for changes in e-check, FSA and HSA payments with au- marketplace from a collectibles venue to a multi-million marketing as Real invests in Clearbanc, an alternative dit trails, documents and other information dollar marketplace in books, clothing, home and garden, business fundraising startup that funds business in ex- tied to billing and payments. and jewelry. change for a revenue share of earnings until the loan is “If you look at radiology or assisted Later, Bannister became one of the best-known in- paid back. Clearbanc has build technology that scans a living or long-term care, businesses which novators in Canada when she founded the classified ad business’ Stripe or Facebook ads, alongside other sourc- provide services and manage incoming site Kijiji, which became one of Canada’s most popular es to determine that company’s financial health and and outgoing payments, there are natural websites before becoming part of eBay. potential. It made about $100 million in loans to more segues that speak to our legacy in AR Now she’s spotting the next wave, with a focus on than 500 companies in 2018. management,” Lee said. hot trends such as alternative merchant credit and how Fintech continues to be a popular target for investors, Lee she was looking forward to making changes in the way people work alter the way they man- particularly as established companies add new tech- a more mainstream billing experience for health care. “We’re looking at things that age the money. nology to keep up with startups, Bannister said. “We are the Stripes and the Squares of the world For the past six years, the University of Western On- seeing aggressive reactions from incumbents even if it are doing and bringing that into a more tario graduate has been an impossible to miss fixture in means they are cannibalizing themselves,” she said. traditional type of billing environment, and Toronto’s technology investment scene as a partner at Bannister has also been involved with funding start- as we go deeper into health care, that will Real Ventures, spotting the innovators who will create ups like Dream Payments, a mobile payments payments be our advantage.” the next generation of financial and retail technolo- company which has added collaborated with Master- gy. Real usually invests about $150 million in about 20 card.

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LOU ANNE ALEXANDER When thinking about a payments executive that she ad- KIM BYNAN Group President, mires the most it’s no surprise that Alexander picked a fellow Senior Vice President, Payments visionary who built the Visa network, Dee Hock. He is the Head of EBT and Valutec, Early Warning founder and former CEO of the Visa credit card association, FIS which became the publicly traded payment card network Driving rapid adoption of faster Visa Inc. One of the things that excites payments and the bank-run per- “Dee suggested that banks create an association, a joint Kim Bynan most about her job son-to-person payment network, venture, to create a centralized payments system that would is seeing firsthand how new Zelle, has been a core role for be a competitor and partner,” Alexander said. The Visa anal- payments technology changes Early Warning’s Lou Anne Alex- ogy is strikingly similar to how the Early Warning network our everyday lives. ander over the past decade. was formed: a bank-owned network offering a new service to Hurrying to the supermar- Alexander has been the chief market development officer banks, credit unions and payment processors. ket to keep up with a busy job for Early Warning since 2009 became group president of Over the past few years, Alexander has been tirelessly on and a family of four, Bynan reached the checkout point and payments in 2016. She played a key role in the company’s the road meeting with clients, prospects and industry execu- realized she’d forgotten her wallet. Bynan quickly discovered acquisition of clearXchange, which provided important infra- tives to promote the adoption and launch of Zelle. the woman standing in line behind her was an Apple Pay afi- structure for Early Warning to launch Zelle as a real-time P2P She has spoken at conferences, been interviewed by cionado. Her new friend paid Bynan’s grocery bill, and on the service and network offering. media and hosted numerous talks about the value of the spot Bynan sent funds to cover the cost with her phone. “The most exciting thing about payments is the impact it network and what it means to banks to be able to provide an The deal was done in seconds. has on the life of every human on a daily basis. If you work in alternative P2P service to Venmo, Square Cash and PayPal. “It truly was one of those moments when I was proud to payments, you can observe the impact that you make every Alexander clearly understands that that banks are at risk work in the payments industry, seeing how new innovations day. Payments enable almost every facet of life,” Alexander of losing customer engagement and could suffer higher attri- are positively affecting people’s lives on a daily basis,” said said. tion as consumers eschew cash and checks for P2P. Bynan, SVP and head of EBT and Valutec at FIS.

KRISTY CARSTENSEN president and CFO role for the DIANE FARO SVP and CFO, bank’s Community Development CEO, Payments Corporation. JetPay Corp. U.S. Bank She’s been able to focus on what she wanted out of a career In a career spanning 40 years, Diane Faro has led one During her seven years at U.S. Bank, Kristy Carstensen — helping people and making payment company after another through major transitions to has always been a creator. a meaningful difference. But successful outcomes. After all, she had to define what her job would be when initially she went to college to be It happened again three years ago, when Faro took over she accepted what was an entirely new role at U.S. Bank five a pediatrician. as CEO of JetPay Corp. after serving on its board of direc- years ago, that of senior vice president and chief financial “I’ve always had a special tors for a couple of years. She immediately directed fresh officer of the Payments Group. place in my heart for children,” investment into management, technology and new products, Carstensen quickly created a function within the U.S. Bank Carstensen said. “Ultimately, I graduated with a degree driving growth across all business segments, and led the Payments Group for developing and aligning current and in accounting (from University of Iowa) and found a job in company to its acquisition last year by NCR Corp. long-term business strategy for payments. banking. I qUickly discovered that the field may be different, “Payments is an incredibly exciting, ever-changing Carstensen had been down a similar road a few times — but my opportunities to do good and to help people are the industry,” Faro said, reflecting a career path that took her all since joining U.S. Bank in late 2011. same.” from a rising star at National Bancard Corp. (NaBanco, later Over time, she came to be known as the company exec- Carstensen believes the payments industry represents a absorbed by First Data) to several other leadership positions utive who could take on new roles at the bank, as well as perfect landing spot to focus on that mission. including president of First Data Global Merchant Services, to create roles for others when building her teams. “Payments is the intersection of finance, technology, strat- a five-year stint as CEO of Chase Merchant Services. Those jobs have been senior vice president and strategic egy and innovation, where change is driven by the needs and Faro gets a thrill from having witnessed the payments capital management executive; and a previous senior vice dreams of everyday people,” she said. industry evolve from manual, paper-driven processes to

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When thinking about a payments executive that she ad- KIM BYNAN As a key contributor to several of FIS’ most recent prod- mires the most it’s no surprise that Alexander picked a fellow Senior Vice President, uct rollouts, Bynan was on the front lines when the compa- visionary who built the Visa network, Dee Hock. He is the Head of EBT and Valutec, ny introduced a new credit card rewards program with BP founder and former CEO of the Visa credit card association, FIS gas stations, and also has been involved in developing FIS’ which became the publicly traded payment card network voice-recognition technology for enterprises. Visa Inc. One of the things that excites Creating successful products takes some grit and asking “Dee suggested that banks create an association, a joint Kim Bynan most about her job hard questions, according to Bynan. “Meet with experts, venture, to create a centralized payments system that would is seeing firsthand how new listen and have the courage to put yourself in uncomfortable be a competitor and partner,” Alexander said. The Visa anal- payments technology changes situations,” she said. ogy is strikingly similar to how the Early Warning network our everyday lives. Over more than a dozen years, Bynan’s analytical and was formed: a bank-owned network offering a new service to Hurrying to the supermar- strategic skills have propelled her up the ranks at FIS, from banks, credit unions and payment processors. ket to keep up with a busy job financial analyst to her promotion last year to head two busi- Over the past few years, Alexander has been tirelessly on and a family of four, Bynan reached the checkout point and ness units concentrating on bank EBT and gift card products. the road meeting with clients, prospects and industry execu- realized she’d forgotten her wallet. Bynan quickly discovered The breadth of Bynan’s responsibilities requires a solid tives to promote the adoption and launch of Zelle. the woman standing in line behind her was an Apple Pay afi- team of self-starters who get the job done and have fun She has spoken at conferences, been interviewed by cionado. Her new friend paid Bynan’s grocery bill, and on the along the way. media and hosted numerous talks about the value of the spot Bynan sent funds to cover the cost with her phone. “I try to give my team the latitude to make decisions and network and what it means to banks to be able to provide an The deal was done in seconds. then make sure I celebrate our wins and use our failures as a alternative P2P service to Venmo, Square Cash and PayPal. “It truly was one of those moments when I was proud to teaching moment,” Bynan said. Alexander clearly understands that that banks are at risk work in the payments industry, seeing how new innovations “It’s also important to laugh when things get stressful, be of losing customer engagement and could suffer higher attri- are positively affecting people’s lives on a daily basis,” said approachable to everyone around you and show gratitude tion as consumers eschew cash and checks for P2P. Bynan, SVP and head of EBT and Valutec at FIS. for everyone who has helped.”

president and CFO role for the DIANE FARO digital power. bank’s Community Development CEO, “We’ve redefined commerce Corporation. JetPay Corp. in every sense—creating a She’s been able to focus on world where payments are what she wanted out of a career In a career spanning 40 years, Diane Faro has led one made virtually and distance — helping people and making payment company after another through major transitions to doesn’t matter—and we keep a meaningful difference. But successful outcomes. the economy running through initially she went to college to be It happened again three years ago, when Faro took over billions of payroll and payment a pediatrician. as CEO of JetPay Corp. after serving on its board of direc- processing transactions every “I’ve always had a special tors for a couple of years. She immediately directed fresh year,” she said. place in my heart for children,” investment into management, technology and new products, Collaboration and teamwork Carstensen said. “Ultimately, I graduated with a degree driving growth across all business segments, and led the are particularly important in Faro’s career, having served as in accounting (from University of Iowa) and found a job in company to its acquisition last year by NCR Corp. a mentor for legions of female executives as a co-founder of banking. I qUickly discovered that the field may be different, “Payments is an incredibly exciting, ever-changing the nonprofit Women Networking in Electronic Transactions but my opportunities to do good and to help people are the industry,” Faro said, reflecting a career path that took her (Wnet). Wnet, which Faro and two other female payments same.” from a rising star at National Bancard Corp. (NaBanco, later industry executives created in 2005, has become a thriving Carstensen believes the payments industry represents a absorbed by First Data) to several other leadership positions national organization with record participation in networking perfect landing spot to focus on that mission. including president of First Data Global Merchant Services, to events and mentoring. Faro is still active in the organization, “Payments is the intersection of finance, technology, strat- a five-year stint as CEO of Chase Merchant Services. after serving on its board for nine years. egy and innovation, where change is driven by the needs and Faro gets a thrill from having witnessed the payments “Women in fintech make us a stronger, more powerful dreams of everyday people,” she said. industry evolve from manual, paper-driven processes to industry,” Faro said.

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CLAIRE GATES Last year the European Paysafe Group announced that CAROLYN HOMBERGER CEO, Paysafe Pay Later it would launch the Paysafe Pay Later installment lending President, Global Sales Paysafe Group service for merchants in the U.S. and Canada to meet the ACI Worldwide growing demand for online installment lending. This move When Claire Gates joined the puts Gates on a collision course with Max Levchin’s Affirm, The payments industry is a Paysafe Group two years ago, Jack Dorsey’s Square, and Swedish-based installment lender complex ecosystem, one that she was determined to demon- Klarna (which recently added U.S. rapper, Snoop Dogg as an Carolyn Homberger is happy to strate to payments-industry investor and celebrity spokesman). navigate. leaders that bringing fresh ideas Gates is confident that change is occurring in women’s And she’s not kidding. As into fintech is gender agnostic. representation in the fintech industry. “Historically, women president of global sales for Early in Gates’ career she have been under represented within the sector, but headway ACI the past seven years, started working in executive roles for companies including is being made and I would say that 2018 was a transforma- Homberger views the pay- American Express, Citibank Europe and GE Capital. She then tional year in terms of diversity and inclusion in business ments industry as akin to “a supersonic airline driven by some went the startup route with a managing director role at Vir- generally, with the payments industry being no exception,” of the most skilled pilots in the business.” gin Money followed by a managing director position at Borro. she said. Fueled by advancing technology, payments have the com. Then she briefly moved to Mastercard before founding A key to any executive’s success is having high-perform- potential to “connect people to places they never dreamed of her own consultancy, Efficient Business Growth Ltd. It’s from ing teams work for them and understanding how foster that visiting,” said Homberger, who considers that type of setting her consultancy that she joined the Paysafe Group. achievement. Gates is no exception as she believes that as providing “a truly rewarding 12-plus years career for me.” In her current role with the PaySafe Group as CEO of Pay- building a great team is a long-term process that requires Such high praise for her industry comes as no surprise Safe Pay Later, Gates is melding her knowledge of consumer balancing personalities of team members and nurturing from Homberger. She has been a key member of ACI’s finance, merchant needs and capitalizing on the installment the individuals’ needs. It’s not something that can be done executive leadership team, guiding the company’s global lending trend that has become so appealing to millennials. overnight. sales organization of more than 200 payments professionals

TAIRA HALL V.P. of U.S. partnerships and new initiatives The initial exposure to this KIKELOMO LAWAL Visa Business Solutions type of poverty drove Hall to Chief Legal Officer, Visa work in the financial sector, and Corporate Secretary pursue economics and finance Interac Corp. Understanding how the payments ecosystem works is a studies. “Payments is a conduit basic tenet for anyone aspiring to work in the industry. Visa’s to empower women and their Kikelomo Lawal didn’t know a ton about the payments Taira Hall has that understanding, plus she is ingrained with families worldwide,” she said. industry when she arrived at Interac more than a decade a trait many others may not have — she has experienced Fast forward to 2019, and Hall ago, a particularly daunting perch given the transforma- what happens when there is no accessible payments system finds herself in her fourth year at tive change in Canadian payments and for Canada’s debit in place. Visa, and her third in her current system. “My passion for the payments ecosystem was ignited early role. “I did not ‘grow up’ in payments as many in the industry in childhood, as I spent several formative years in Malawi, Af- “I thrive on bringing innovation to and around the pay- have, so certain nuances, ecosystem relationships and tech- rica, one of the poorest countries in the world,” said Hall, the ments ecosystem, particularly within established companies,” nological capabilities were new to me,” said Lawal, chief legal vice president of U.S. partnerships and new initiatives for Visa Hall said. Part of that process has been her creation of an officer and corporate secretary at Interac Corp. “Add to the Business Solutions. “There, I witnessed firsthand the multiple entirely new B2B fintech team at Visa. This team works to fact that I am a Nigerian-born, New York-bred U.S. trained adverse impacts of no standardized financial system.” mobilize new partners to design services and improve the layer, a woman—and a woman of color—in what has histori- It was a crash course in how people struggled to meet payment experience for all users. cally been a male-dominated industry, and it paints a picture even basic needs when unbanked or lacking access to credit. “At its core, my strongest desire for this industry truly lies of the steep learning and social curve I had to climb.” “The toll was exacted most heavily on women who then and in broadening financial inclusion, because payments impact Lawal has scaled that curve and well beyond, helping to now did the main planting, harvesting and marketing of agri- daily lives, regardless of language spoken or on which conti- drive a seismic shift in how Interac works, which means an cultural products — the mainstay of that economy,” said Hall. nent you reside,” she added. evolution of how payments happen for Canadians. While

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Last year the European Paysafe Group announced that CAROLYN HOMBERGER operating across all global regions. it would launch the Paysafe Pay Later installment lending President, Global Sales Her previous roles — including vice president of financial service for merchants in the U.S. and Canada to meet the ACI Worldwide planning and analysis, and vice president of programs and growing demand for online installment lending. This move initiatives — groomed her such worldwide responsibilities. puts Gates on a collision course with Max Levchin’s Affirm, The payments industry is a Homberger has also been a senior vice president of customer Jack Dorsey’s Square, and Swedish-based installment lender complex ecosystem, one that management and group president of ACI On-Demand. Klarna (which recently added U.S. rapper, Snoop Dogg as an Carolyn Homberger is happy to “At the heart of nearly every transaction lies a payment,” investor and celebrity spokesman). navigate. Homberger said. “With several million transactions taking Gates is confident that change is occurring in women’s And she’s not kidding. As place every second, there are a variety of business challenges representation in the fintech industry. “Historically, women president of global sales for that elevate the industry.” have been under represented within the sector, but headway ACI the past seven years, The “jet fuel” in that equation is always technology, she is being made and I would say that 2018 was a transforma- Homberger views the pay- added. “It is the real power by behind payments and there is tional year in terms of diversity and inclusion in business ments industry as akin to “a supersonic airline driven by some no question that the convergence of digital payments and generally, with the payments industry being no exception,” of the most skilled pilots in the business.” customer experience have changed how consumers and she said. Fueled by advancing technology, payments have the businesses interact with each other.” A key to any executive’s success is having high-perform- potential to “connect people to places they never dreamed of It’s that understanding of technology and how it plays on ing teams work for them and understanding how foster that visiting,” said Homberger, who considers that type of setting a global stage that allows Homberger to envision what could achievement. Gates is no exception as she believes that as providing “a truly rewarding 12-plus years career for me.” happen in the future. building a great team is a long-term process that requires Such high praise for her industry comes as no surprise She has a strong desire to see social media and payments balancing personalities of team members and nurturing from Homberger. She has been a key member of ACI’s continue to integrate because this levels the playing field for the individuals’ needs. It’s not something that can be done executive leadership team, guiding the company’s global all payments companies, while driving a lot of innovation overnight. sales organization of more than 200 payments professionals and disruption in the industry.

The initial exposure to this KIKELOMO LAWAL Interac has been a pillar of the type of poverty drove Hall to Chief Legal Officer, Canadian financial system for work in the financial sector, and Corporate Secretary decades, the pace of change is pursue economics and finance Interac Corp. accelerating. studies. “Payments is a conduit The Interac Association to empower women and their Kikelomo Lawal didn’t know a ton about the payments and Acxsys Corporation were families worldwide,” she said. industry when she arrived at Interac more than a decade organized into Interac Corp. a Fast forward to 2019, and Hall ago, a particularly daunting perch given the transforma- move make it easier to respond finds herself in her fourth year at tive change in Canadian payments and for Canada’s debit to changes in retail payments Visa, and her third in her current system. quickly and to provide a boost role. “I did not ‘grow up’ in payments as many in the industry for Interac—which already had “I thrive on bringing innovation to and around the pay- have, so certain nuances, ecosystem relationships and tech- a long history of early adoption of technology. ments ecosystem, particularly within established companies,” nological capabilities were new to me,” said Lawal, chief legal “The reorganization was a necessary one, driven largely Hall said. Part of that process has been her creation of an officer and corporate secretary at Interac Corp. “Add to the by the highly competitive and rapidly changing payments entirely new B2B fintech team at Visa. This team works to fact that I am a Nigerian-born, New York-bred U.S. trained space, but it was also a complex one given the unique role mobilize new partners to design services and improve the layer, a woman—and a woman of color—in what has histori- Interac plays in the Canadian economy,” Lawal said, adding payment experience for all users. cally been a male-dominated industry, and it paints a picture Interac is the nucleus that connects Canada’s “big five” banks “At its core, my strongest desire for this industry truly lies of the steep learning and social curve I had to climb.” and dozens of other financial institutions. in broadening financial inclusion, because payments impact Lawal has scaled that curve and well beyond, helping to That reorganization has given rise to a development daily lives, regardless of language spoken or on which conti- drive a seismic shift in how Interac works, which means an center to explore new project management and technology nent you reside,” she added. evolution of how payments happen for Canadians. While techniques, international expansion and fintech partnerships.

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DEBORAH LIU In the past year, Marketplace has added myriad features AMY PARSONS Vice President, Marketplace such as AI, which is designed to make it easier to personalize SVP, Global Acceptance, Facebook the service for buyers—and to connect buyers and sellers. Discover AI is also being used to improve photos and translate list- Facebook’s brand power and ings and Messenger conversations. Messenger has become In her 27 years working at massive audience make it a lot a major focus for Facebook, since it links to buy buttons and Discover, Amy Parsons has like Walmart and Amazon, in customer service. always found herself in the that just about everything it does The payment process isn’t just the “last mile” in this mix, right place at the right time. draws attention and a response. but the glue that holds an entire omnichannel experience Or, more likely, decision makers So whenever Facebook adds together. “You’re handling money on behalf of people so the at Discover have made a habit something that more closely responsibility is enormous,” Liu said. of putting Parsons right where ties its network to shopping, service or payments, it has an Facebook has increasingly become a venue to directly they need her to tackle the immediate ripple effect, such as WePay using Facebook as a connect consumers to commerce. hottest trends in payments. security tool or PayPal using Facebook for customer service. Facebook is inching closer to blockchain-powered trans- It explains why the company chose Parsons to head a Marketplace is becoming a major part of Facebook’s actions, reportedly started work on a stablecoin, started a global Pulse ATM network initiative 10 years ago, at a time influence. Since its introduction in 2016, Marketplace has pop up store initiative with Macy’s and is adding a person- when ATMs were critical to the company’s growth and its become a global venue for buying and selling, and launching alized narrative to transactions through a collaboration with impact on the newly acquired Diners Club International. a business, making transaction execution important as new PayPal. In the same manner, Discover turned to Parsons two years users come on board. That is in addition to moves by Facebook to pick up insti- ago to serve in her current position as senior vice president of “Payments is one of the most important and difficult chal- tutional support for its global payment technology, and for- global acceptance. It’s a job that moved her to London and lenges in building products,” said Deborah Liu, vice president ays into digital ID—both keys to extending financial services essentially put her at the forefront of Discover’s growth in of Marketplace for Facebook. and digital commerce to new markets. global digital payments.

GLENDA MCNEAL “As more consumers opt for SHUBHI RAO President, Enterprise Strategic Partnerships automated payment options, Chief Financial Officer American Express from digital wallets to universal Dosh online payment buttons, it only Just a few years ago, the thought that American Express makes sense that payments Shubhi Rao is not the kind of person who looks to back cardholders could ask Amazon’s Alexa to provide information integrate with the benefits of AI down from a challenge. In deciding where she wanted to about account balances and special offers on their cards to improve the seamless nature spend her career she did something no female in her family would not have crossed Glenda McNeal’s mind. and security of the experience,” had done before. Or maybe it did. McNeal added. “I’m the first woman in my family to be in corporate Ameri- As president of enterprise strategic partnerships at Ameri- It’s the type of technology ca,” said Rao, chief financial officer at Dosh. can Express, McNeal has been right in the middle of develop- helping American Express trans- Rao joined Dosh in August 2018 after having been a vice ing the technology and use cases for Amex to advance in a late “the high-touch customer experience we are known for in president and treasurer at Google’s parent company, Alpha- digital and virtual payments world. the physical world to the digital space,” she said. bet Inc.; group treasurer at British grocer Tesco PLC; head of “We are increasingly using and relying on artificial intelli- For McNeal, technology inspires her work in developing treasury, risk and capital financial services at PwC; vice pres- gence, such as virtual assistants and voice-enabled technol- Amex strategy and leading negotiations for key partnerships ident and assistant treasurer at Tyco and assistant treasurer ogy in our day-to-day lives,” said McNeal. “Many are starting with the largest e-commerce, travel, technology and retail at Ford of Europe. to use devices like Amazon’s Echo to set and turn off their companies. Rao joined the fintech startup Dosh because she saw a alarm clock, ask it about the weather and then play their “We always strive to deliver an experience that goes be- business with a charitable angle to it. Dosh offers a cash- favorite music while they get ready for their day.” yond a payment transaction,” she said. “A payment can spark back app that searches all available coupons, promo codes, That sort of hands-free activity lends itself to the “card a travel experience for a card member or new business for a and rebates from thousands of restaurants and retailers. A free” trend that is extending to payments, McNeal said. merchant.” key message to consumers is that what’s earned is cash, not

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016_ISO030419 16 2/28/2019 3:07:31 PM 2019 | The Most Influential Women in Payments 2019 | The Most Influential Women in Payments

In the past year, Marketplace has added myriad features AMY PARSONS Already, in targeting global acceptance of Discover out- such as AI, which is designed to make it easier to personalize SVP, Global Acceptance, side of the U.S., Parsons has developed a five-year strategic the service for buyers—and to connect buyers and sellers. Discover plan and built a team that has established a global pay- AI is also being used to improve photos and translate list- ments network of more than 44 million merchants. ings and Messenger conversations. Messenger has become In her 27 years working at That took a dose of Parsons magic. Or logic. a major focus for Facebook, since it links to buy buttons and Discover, Amy Parsons has “While traveling for work, I take the opportunity to observe, customer service. always found herself in the ask questions and learn about the culture,” said Parsons. The payment process isn’t just the “last mile” in this mix, right place at the right time. “Because Discover is a global company, it is important for but the glue that holds an entire omnichannel experience Or, more likely, decision makers us to understand the culture of each country that we are a together. “You’re handling money on behalf of people so the at Discover have made a habit part of,” she added. responsibility is enormous,” Liu said. of putting Parsons right where “This impacts how payments are adopted, used and a part Facebook has increasingly become a venue to directly they need her to tackle the of people’s daily life.” connect consumers to commerce. hottest trends in payments. Her work is done with the understanding that payments Facebook is inching closer to blockchain-powered trans- It explains why the company chose Parsons to head a and networks in different regions can have an effect on travel actions, reportedly started work on a stablecoin, started a global Pulse ATM network initiative 10 years ago, at a time and tourism. There are few do-overs, and mistakes can have pop up store initiative with Macy’s and is adding a person- when ATMs were critical to the company’s growth and its economic repercussions. alized narrative to transactions through a collaboration with impact on the newly acquired Diners Club International. “If there is an easy way for tourists to come in and pur- PayPal. In the same manner, Discover turned to Parsons two years chase goods, it could boost a local economy and positively That is in addition to moves by Facebook to pick up insti- ago to serve in her current position as senior vice president of impact resources they have access to grow and expand,” tutional support for its global payment technology, and for- global acceptance. It’s a job that moved her to London and Parsons said. “Part of our work around the world is making it ays into digital ID—both keys to extending financial services essentially put her at the forefront of Discover’s growth in easier for both consumers and merchants to transact across and digital commerce to new markets. global digital payments. borders.”

“As more consumers opt for SHUBHI RAO points or miles. Dosh allows automated payment options, Chief Financial Officer consumers to transfer their from digital wallets to universal Dosh earned cash to their bank online payment buttons, it only accounts, PayPal accounts or makes sense that payments Shubhi Rao is not the kind of person who looks to back donate to a charity directly integrate with the benefits of AI down from a challenge. In deciding where she wanted to from the app. to improve the seamless nature spend her career she did something no female in her family It’s Dosh’s charitable do- and security of the experience,” had done before. nation angle that’s important McNeal added. “I’m the first woman in my family to be in corporate Ameri- to Rao as she feels it helps It’s the type of technology ca,” said Rao, chief financial officer at Dosh. nonprofit organizations. helping American Express trans- Rao joined Dosh in August 2018 after having been a vice Rao has been doing a lot of late “the high-touch customer experience we are known for in president and treasurer at Google’s parent company, Alpha- nonprofit work in the last three years, including at the Inter- the physical world to the digital space,” she said. bet Inc.; group treasurer at British grocer Tesco PLC; head of national Center for Research on Women, a global research For McNeal, technology inspires her work in developing treasury, risk and capital financial services at PwC; vice pres- institute whose mission is to empower women, advance gen- Amex strategy and leading negotiations for key partnerships ident and assistant treasurer at Tyco and assistant treasurer der equality and fight poverty. Donating her time and energy with the largest e-commerce, travel, technology and retail at Ford of Europe. to be part of the ICRW support team is also reflective our companies. Rao joined the fintech startup Dosh because she saw a how she approaches team building at her startup. “We always strive to deliver an experience that goes be- business with a charitable angle to it. Dosh offers a cash- “When building a great team, I always try to hire people yond a payment transaction,” she said. “A payment can spark back app that searches all available coupons, promo codes, smarter than me and then empower them to be successful. a travel experience for a card member or new business for a and rebates from thousands of restaurants and retailers. A For my team to succeed, it’s critical they have the context merchant.” key message to consumers is that what’s earned is cash, not into all projects and bigger picture.”

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017_ISO030419 17 2/28/2019 3:07:33 PM 2019 | The Most Influential Women in Payments 2019 | The Most Influential Women in Payments

PRAHSANTHI RAVANAVARAPU goal — democratizing financial services by helping teams JENIFER SWALLOW Director, Product Architecture around the world create product offerings for those financial- General Counsel for Financial Participation ly underserved,” said Ravanavarapu. Transferwise and Health What seems so common to the general public when han- PayPal dling finances may stand as major obstacles for those not Jenifer Swallow has beenn involved in life’s basic money needs. here before, feeling the excite- While a career in payments “For the financially underserved, basic needs such as ment of being in in an industry can allow a person to touch access to simple, affordable financial services like saving, that was about to change on many different aspects of budgeting and planning are extreme pain points,” Ravanav- commerce forever. payments services, PayPal’s arapu said. “I was working for Yahoo Prashanthi Ravanavarapu can “That’s why I am so passionate about helping to provide between 2005 and 2010, just say her focus has remained quite clear. access to these necessary services, so customers can create a as the tech giants were having their big bang moment, and In her 12 years at PayPal, including her most recent role more stable future and develop healthy financial behaviors,” it feels like fintech is on the brink of a similar tipping point,” as director of product architecture for financial participation she added. said Swallow, general counsel of TransferWise. and health, Ravanavarapu can point to financial inclusion as Even though her focus is on the financially underserved, TransferWise’s “borderless account” has given the Lon- her key motivator. Ravanavarapu has been involved in various projects at don-based payment company’s balance sheet a boost, and Through that lens, she has been involved in bringing PayPal that help businesses and individuals realize their full has provided a tool to compete in the expanding internation- together human-centered product design, lean product financial potential. al payments market by luring business away from banks. management and behavioral economics to drive PayPal’s She worked on Opportunity Hack, a two-day hackathon in For Swallow, it’s another signal that financial technology is innovation. which local nonprofits connected with skilled computer engi- opening new horizons, and drawing people away from older “Throughout my career at PayPal, I’ve played a key role neers and business-savvy volunteers to address the agences’ methods of executing transactions and delivering financial in the development of programs that all laddered up to one tech problems. services.

MIA SHERNOFF ailing company and turned [it] COLLEEN TAYLOR Global Head of Marketing, Corporate Communications around,” Shernoff said. Executive Vice President, New Payments, First Data The recovery has improved Mastercard financial performance and made First Data’s transformation over the past few years has First Data a good fit for Fiserv, To successfully create new payment forms and uses, it’s involved much more than transaction automation, and has which has agreed to acquire critical to have a highly functioning team developing and relied heavily on the creativity and ingenuity of executives First Data for $22 billion. promoting their ideas — something Colleen Taylor has fully such as Mia Shernoff. In the past year alone, First embraced at Mastercard. “At First Data, as in most B2B companies, marketing is no Data’s marketing team gener- “The hallmarks of a great team are the spirit of generos- longer just a ‘nice to have’ function but a high-contributor to ated hundreds of thousands of ity, the sense of sharing and a common sense of purpose,” the business, accountable for driving both customer acquisi- leads for the company’s sales Taylor said. “And, to create that, wins need to be collectively tion and brand perception,” said Mia Shernoff, global head of leads globally, and a “good percentage” of them turned into celebrated and failures collectively owned.” marketing and corporate communications at First Data. new clients, Shernoff said, taking note of First Data’s Clover Taylor, an executive vice president at Mastercard, firmly There’s been a lot of changes at First Data, which has tablet point of sale system. believes that that it’s important as a leader to get folks ex- grown from a merchant acquirer to a broad-based merchant Clover expanded in Europe over the past year and has a cited about the prospects of winning. The process of getting services and technology company. Some of that change is market with more than 300 applications available in the U.S. a team excited about winning creates a common goal and coming through deals, with First Data on both sides of big During Shernoff’s tenure at First Data, the company has cre- serves as a reminder of the group’s purpose. It gets the team mergers that are adding breadth, products, new markets and ated a customer acquisition channel by scaling a self-service motivated about the journey and opportunity toward devel- new clients. account boarding platform. opment, both as a team and as individuals. First Data’s evolution began earlier in the decade un- The company additionally launched marketing-as-a-ser- The source of Taylor’s motivation is twofold. First is the der CEO Frank Bisignano, who “took a sprawling, giant but vice, a turnkey marketing program for retailers and banks. desire to be the best at something and secondly, it’s a strong

18 ISO&AGENT March/April 2019 isoandagent.com

018_ISO030419 18 2/28/2019 3:07:39 PM 2019 | The Most Influential Women in Payments 2019 | The Most Influential Women in Payments

goal — democratizing financial services by helping teams JENIFER SWALLOW “Consumers are increasingly putting their trust in the around the world create product offerings for those financial- General Counsel sector, and talented people are moving from banks and more ly underserved,” said Ravanavarapu. Transferwise traditional providers to work in fintech because they see a What seems so common to the general public when han- bright, exciting future, which doesn’t have the confinement dling finances may stand as major obstacles for those not Jenifer Swallow has beenn and constraint of more traditional providers,” she said. involved in life’s basic money needs. here before, feeling the excite- Swallow is one of those innovative people. Her background “For the financially underserved, basic needs such as ment of being in in an industry brings a fresh and comprehensive perspective to both busi- access to simple, affordable financial services like saving, that was about to change ness and corporate culture. budgeting and planning are extreme pain points,” Ravanav- commerce forever. Before joining TransferWise, Swallow was general coun- arapu said. “I was working for Yahoo sel and chief of staff at Mind Candy, the children’s digital “That’s why I am so passionate about helping to provide between 2005 and 2010, just entertainment company. She also has experience serving in access to these necessary services, so customers can create a as the tech giants were having their big bang moment, and leadership roles at Yahoo and Zynga. Swallow’s career began more stable future and develop healthy financial behaviors,” it feels like fintech is on the brink of a similar tipping point,” as a lawyer in the City, London’s financial center, working on she added. said Swallow, general counsel of TransferWise. transactional and intellectual property in the technology cen- Even though her focus is on the financially underserved, TransferWise’s “borderless account” has given the Lon- ter. It’s a range of experience that includes very competitive, Ravanavarapu has been involved in various projects at don-based payment company’s balance sheet a boost, and forward-looking businesses that face pressure to respond PayPal that help businesses and individuals realize their full has provided a tool to compete in the expanding internation- quickly — something that informs Swallow’s strategy as a financial potential. al payments market by luring business away from banks. legal team leader. She worked on Opportunity Hack, a two-day hackathon in For Swallow, it’s another signal that financial technology is “For lawyers in a high-growth startup, you want someone which local nonprofits connected with skilled computer engi- opening new horizons, and drawing people away from older with regulatory expertise who can also be deployed as a gen- neers and business-savvy volunteers to address the agences’ methods of executing transactions and delivering financial eralist and crucially fit in with the company culture,” Swallow tech problems. services. said.

ailing company and turned [it] COLLEEN TAYLOR desire to learn new things. around,” Shernoff said. Executive Vice President, New Payments, “I came from big family so The recovery has improved Mastercard it was always competitive. It financial performance and made drove me to the best in what- First Data a good fit for Fiserv, To successfully create new payment forms and uses, it’s ever I was doing. I wanted to which has agreed to acquire critical to have a highly functioning team developing and be the best Auntie, the best First Data for $22 billion. promoting their ideas — something Colleen Taylor has fully friend and when I entered the In the past year alone, First embraced at Mastercard. workforce it was to be the best Data’s marketing team gener- “The hallmarks of a great team are the spirit of generos- treasurer,” said Taylor. Her ated hundreds of thousands of ity, the sense of sharing and a common sense of purpose,” career includes executive roles leads for the company’s sales Taylor said. “And, to create that, wins need to be collectively at JPMorgan Chase, Wachovia leads globally, and a “good percentage” of them turned into celebrated and failures collectively owned.” Bank/Wells Fargo, The Clearing House, Nacha, Capital One new clients, Shernoff said, taking note of First Data’s Clover Taylor, an executive vice president at Mastercard, firmly and now at Mastercard. Taylor is also member of the board tablet point of sale system. believes that that it’s important as a leader to get folks ex- of trustees at Spelman College, where she received her Bach- Clover expanded in Europe over the past year and has a cited about the prospects of winning. The process of getting elor’s degree in Economics. market with more than 300 applications available in the U.S. a team excited about winning creates a common goal and Her desire to learn is influenced, at least partially, by her During Shernoff’s tenure at First Data, the company has cre- serves as a reminder of the group’s purpose. It gets the team love of travel, which she picked up from her dad serving in ated a customer acquisition channel by scaling a self-service motivated about the journey and opportunity toward devel- the military overseas. account boarding platform. opment, both as a team and as individuals. “I have a passion for learning about a new country, its The company additionally launched marketing-as-a-ser- The source of Taylor’s motivation is twofold. First is the culture and people. I’ve been doing Rosetta Stone to learn vice, a turnkey marketing program for retailers and banks. desire to be the best at something and secondly, it’s a strong French,” Taylor said.

isoandagent.com March/April 2019 ISO&AGENT 19

019_ISO030419 19 2/28/2019 3:07:43 PM PAYMENTS Payments | Contactless Contactless

will be about two more years before inserting a card in the terminal, and A Steady climb 50 percent of U.S. payment cards are while the chip has solved a lot of se- equipped with NFC technology. It could curity problems in pre-breach environ- Most U.S. issuers will gradually introduce contactless cards take five years altogether to complete ments, it’s introduced more friction at over the next five years the U.S. contactless migration, analysts the POS,” said Dan Sanford, Visa’s vice predict. president of consumer products and head of global contactless payments. 1B 1B Contactless costs Contactless card transactions, by 890M One reason issuers are moving slow- contrast, take only a few seconds when 800M ly is that contactless technology costs consumers tap or wave their card near 715M 600M about 50 additional cents per card to an NFC-enabled terminal, Sanford said. 500M add an NFC antenna and a dual-inter- Sanford expects to both issuers 400M 345M face EMV chip, according to analysts. and merchants to broadly embrace 200M 210M 100M This expense comes just a few years contactless technology in the next 0 after the costly and painful migration to few years to speed up the payments 2018 2019 2020 2021 2022 2023 2024 EMV chip-enabled cards. process.

Source: Analtst and company estimates Another factor that was causing “Every large retailer that comes issuers to hold off on issuing contact- aboard with contactless will drive less cards was the relative scarcity of momentum, encouraging other retailers A contactless card wave NFC-enabled payment terminals, but that may still be on the fence,” Sanford that’s changing as more retailers en- said. able tap-to-pay technology. The majority of issuers that have approaches — slowly Target recently announced it will committed to contactless are pursuing Contactless cards are coming to the U.S. market in great support POS contactless payments, a slow rollout by shipping consumers numbers, but they won’t jump-start mobile payments. following in the footsteps of other NFC-enabled cards only for new ac- large merchants like CVS, Walgreens, counts or replacement cards. By Kate Fitzgerald 7-Eleven and McDonald’s. With more Pentagon Federal Credit Union late eateries and small businesses joining last year began seeding its card portfo- the contactless movement, many banks lio with contactless cards, accelerating JPMorgan Chase, Capital One, Citi- converting their credit and debit card have decided the extra card expense is the pace in January, said John Kelly, group, Pentagon Federal Credit Union portfolios to Near Field Communica- worth the trouble, especially if it might executive vice president of consumer and a handful of others have pumped tion technology that enables tapping drive up credit and debit volume. banking. more than 100 million contactless credit instead of swiping at contactless-ready In Canada, the U.K. and Australia, “We saw the speed of merchants and debit cards into the U.S. market payment terminals. Chase last year said contactless payments took hold several adopting contactless and thought recently, but it’s a drop in the bucket in it will spread contactless cards through years ago; NFC now accounts for more we were at a tipping point that could the world’s largest card market. reissuance whenever an existing card than half of all U.K. transactions and improve the cardholder experience,” The goal, as always, is to create a comes up for renewal and for all new the vast majority of low-ticket purchas- Kelly said. faster and more convenient alternative credit and debit accounts. es because of the format’s speed and Kelly estimates it will take a year or to cash at the point of sale. Contactless “One hundred million contactless convenience. so for the majority of its card portfo- cards also give merchants more justi- cards sounds substantial, until you look Visa admits that contactless cards lio serving 1.7 million customers to be fication for buying the NFC-enabled at the total U.S. market of 1 billion cards are an improvement over contact-only converted to contactless. terminals necessary for Apple Pay in circulation,” said Randy Vanderhoof, EMV cards that seem to take longer Another reason PenFed took rela- and Google Pay — but may not shift director of the U.S. Payments Forum, to process at payment terminals than tively early action compared to other consumer habits enough to convince which tracks payment card industry the older, fraud-prone magnetic-stripe institutions is its heritage as a credit consumers to start tapping their phones issues. cards. The card networks pushed the union serving federal workers who trav- for payment. Based on the fact that most cards U.S. to adopt EMV by implementing a el overseas often. Most issuers—including Chase— in circulation have a lifespan of three fraud liability shift in late 2015. “We have a lot of members who will take an incremental approach to to five years, Vanderhoof estimates it “With EMV, it’s not really a swipe. It’s work and travel to markets outside

20 ISO&AGENT March/April 2019 isoandagent.com

020_ISO030419 20 2/28/2019 2:53:55 PM PAYMENTS Payments | Contactless

will be about two more years before inserting a card in the terminal, and the U.S. where there’s broad merchant Mobile payment usage will likely 50 percent of U.S. payment cards are while the chip has solved a lot of se- adoption of contactless, so we’re meet- continue growing slowly, but Kelly pre- equipped with NFC technology. It could curity problems in pre-breach environ- ing a need and adding convenience for dicts contactless card payment volume take five years altogether to complete ments, it’s introduced more friction at those customers,” Kelly said. will soar past it. the U.S. contactless migration, analysts the POS,” said Dan Sanford, Visa’s vice “I think the tap-to-pay experience predict. president of consumer products and Mobile payments stall with contactless is the best of both head of global contactless payments. But one area where Kelly doesn’t ex- worlds right now, because it’s the mid- Contactless costs Contactless card transactions, by pect to see a surge is mobile payments. dle ground. We’re building on consum- One reason issuers are moving slow- contrast, take only a few seconds when PenFed’s digital wallet has long ers’ familiarity with using cards and un- ly is that contactless technology costs consumers tap or wave their card near supported mobile and online payment til we have a full contactless ecosystem about 50 additional cents per card to an NFC-enabled terminal, Sanford said. options including Apple Pay, Samsung it’s the next step,” Kelly said. add an NFC antenna and a dual-inter- Sanford expects to both issuers Pay, Google Pay and Visa Checkout, Competition may be another factor face EMV chip, according to analysts. and merchants to broadly embrace but usage is not widespread, according driving issuers’ decisions to go contact- This expense comes just a few years contactless technology in the next to Kelly. less. Cards that are quicker and more after the costly and painful migration to few years to speed up the payments “Tapping to pay with a phone or convenient to use are more likely to EMV chip-enabled cards. process. wallet is down to the individual user, drift to the top of customers’ wallets, Another factor that was causing “Every large retailer that comes and because there are a lot of different said Oliver Manahan, the Cana- issuers to hold off on issuing contact- aboard with contactless will drive devices and mobile payment methods da-based director of business devel- less cards was the relative scarcity of momentum, encouraging other retailers it’s caused a bit of fragmentation,” Kelly opment at chip manufacturer Infineon NFC-enabled payment terminals, but that may still be on the fence,” Sanford said. Technologies. ISO that’s changing as more retailers en- said. able tap-to-pay technology. The majority of issuers that have Target recently announced it will committed to contactless are pursuing support POS contactless payments, a slow rollout by shipping consumers /USAePay following in the footsteps of other NFC-enabled cards only for new ac- large merchants like CVS, Walgreens, counts or replacement cards. 7-Eleven and McDonald’s. With more Pentagon Federal Credit Union late eateries and small businesses joining last year began seeding its card portfo- the contactless movement, many banks lio with contactless cards, accelerating have decided the extra card expense is the pace in January, said John Kelly, SMARTER SOLUTIONS worth the trouble, especially if it might executive vice president of consumer FOR SECURE PAYMENTS drive up credit and debit volume. banking. In Canada, the U.K. and Australia, “We saw the speed of merchants contactless payments took hold several adopting contactless and thought years ago; NFC now accounts for more we were at a tipping point that could than half of all U.K. transactions and improve the cardholder experience,” Ecommerce the vast majority of low-ticket purchas- Kelly said. es because of the format’s speed and Kelly estimates it will take a year or Retail convenience. so for the majority of its card portfo- WELCOME Visa admits that contactless cards lio serving 1.7 million customers to be are an improvement over contact-only converted to contactless. Mobile EMV cards that seem to take longer Another reason PenFed took rela- to process at payment terminals than tively early action compared to other the older, fraud-prone magnetic-stripe institutions is its heritage as a credit cards. The card networks pushed the union serving federal workers who trav- U.S. to adopt EMV by implementing a el overseas often. fraud liability shift in late 2015. “We have a lot of members who www.USAePay.com 866.490.0042 “With EMV, it’s not really a swipe. It’s work and travel to markets outside

isoandagent.com March/April 2019 ISO&AGENT 21

021_ISO030419 21 2/28/2019 2:53:58 PM TECHNOLOGY Cryptocurrency

“We have always believed in the potential of blockchain technology and we are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, JPMor- gan’s head of digital treasury services and blockchain, said in a presentation. The JPM Coin will be issued through the bank’s Quorum Blockchain, and plans are in place to extend it to other platforms. Because it is linked to the U.S. dollar, the JPM Coin is designed to instantaneously transfer value rather than information, as seen in the Inter- bank Information Network, the bank said.

Crypto’s course correction As the cryptocurrency markets have JPM Coin’s B2B focus matured, it’s become increasingly clear that bitcoin hasn’t lived up to its prom- breaks the bitcoin mold ise of becoming an everyday payment mechanism. JPMorgan Chase’s new cryptocurrency, JPM Coin, is de- While niches such as gun shops have signed to avoid the volatility that bitcoin is known for. seen value in accepting cryptocurrencies, much of the attention has instead By David Heun focused on how bitcoin’s underlying distributed ledger technology, block- JPMorgan Chase CEO Jamie Dimon business that processes more than $6 chain, can improve the process of has never been shy about his disdain trillion daily. moving large amounts of money across for bitcoin and similar cryptocurrencies, “Our wholesale payments business vast distances. calling them everything from dangerous includes our Treasury Services business, Some speculated that the coding be- to “fraud.” which processes about $5 trillion daily, hind bitcoin could replace the messag- The newly unveiled JPM Coin — a and our Merchant Services business, ing network that Society for Worldwide digital coin prototype for institutional which adds more than $1 trillion daily,” Interbank Financial Telecommunica- clients and business-to-business money JPMorgan spokesman Brian Marchiony tion has provided for decades. Swift flows that represent U.S. dollars held said. responded to that threat with its Global in Chase accounts — isn’t a change of In practice, the movement of JPM Payments Innovation, a process for heart. Coin won’t look substantially different tracking payments that keeps legacy By design, JPM Coin won’t go on from other money flows. systems relevant and essentially gets all the wild ride of bitcoin’s up-and-down A JPMorgan client putting deposits member banks operating and com- value; one JPM Coin is always worth in a designated account receives an municating with similar processes and $1. JPM Coin is not meant for consum- equivalent number of JPM Coins, which standards. er payments, but rather is a specific are used for transactions over a block- Possibly taking its cue from its technology for a specific use case that chain network with other JPMorgan neighbors in Canada and the Project the bank controls. Its value comes clients. Ultimately, the holders of JPM Jasper research, JPMorgan has taken not from JPM Coin’s appeal, but from Coins redeem them for U.S. dollars at a cautious approach to cryptocurrency JPMorgan’s titanic wholesale payments JPMorgan. and blockchain up to now. ISO

22 ISO&AGENT March/April 2019

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