Finetics™ Studio at Money20/20: Matt Carberry

Finetics Studio | Payments | 1/4/2016 4:14 PM

Matthew Carberry, a member of The Federal Reserve's Faster Payments Task Force, shares his thoughts and experiences relating to payments evolution with PaymentEye’s Senior Fintech Reporter, Sarah Gill.


Sarah Gill, Reporter: Next up in the Finetics Studio, we're joined by Matt Carberry. He is VP of Business Development at The Bancorp. Maybe let's start off with what you do at The Bancorp, what your role is, and talk a little bit about the Faster Payments Task Force from the Federal Reserve which you're part of.

Matt Carberry: Certainly. So my role with Bancorp is dual in nature. I'm responsible for the bank's ACH Services Department, which facilitates the sponsorship of ACH payments for third-party payment processors, or payment processors. We predominantly focus on the bill payment space, funds transfer, payroll and, to a lesser extent, some merchant processing.

I also have a role of business development with our credit card acquiring space. So it's within the group that we call Payment Acceptance. Any type of business looking to accept payment for a service or a good is something that we're out there looking to sponsor.

The Federal Reserve's Faster Payments Task Force, as it sounds, as the title describes it, is an initiative of the Federal Reserve's to find out how we can speed up the US payment system to catch up with the rest of the world, really. We are the last nation, really, to develop a real-time streamlined payments network. There's a lot of good reasons for that. The architecture's very old, so you almost have to start from scratch if you're going to talk about a new network. So in reality, our roles on the Task Force is to identify the characteristics that we would want this network to have, what's most important.

It's a big challenge. You have 300 people, all with different ideas of what "fast" means. You have 300 companies with different incentives and motivations on what this should look like. So the goal, at least for now, hasn't been to solve the problems; the goal has been to identify nirvana. And then we will, the next step of the process, we'll be looking at different solutions to get us to where we want to be.

Sarah Gill, Reporter: And how long do you think this is going to take?

Matt Carberry: I don't know the answer to that question. We're hoping by next year to have the private sector provide us with solutions based on feedback that we give them over the course of the--well, over the last few months and the course of the next few months.

Sarah Gill, Reporter: And what impact do you think it will have when it's in place?

Matt Carberry: It depends on the final product. It's all still up in the air as to whether or not this is something that can be accomplished. But I think it's important for a couple of reasons. The financial services industry that we support has been growing. We need to catch up and then keep up with that industry. The want-it-now society, or the instant-access society that we've become so accustomed to is moving ahead of us very, very quickly, and we need to catch up and keep up. And then the rest of the world is well beyond where we are today. So we need to catch up and then keep up with them.

Sarah Gill, Reporter: And I guess, like coming back to The Bancorp a little bit, what's been maybe the most eye-opening moment you've had since working there?

Matt Carberry: The biggest thing that I've learned at Bancorp is that you can't stop learning if you want to succeed in this business. Bancorp as an organization has had to follow that same mantra to get where they are today. These industries, even though the payments network or payments networks that support these industries have not changed much, the companies that are involved with them and the products that they develop change all of the time. And if you're not willing to educate yourself and become proficient in them, you'll get run over or left behind, one or the other. So as an organization we've had to do that. Individually, to succeed within that organization, I've had to do the same. So I'll be grateful to the Bancorp for that shift in mindset, so to speak, for the rest of my life. It makes life a lot more fun when you're constantly having to reteach and reinvent.

Sarah Gill, Reporter: And what is it that makes you kind of personally excited to work in this industry? What keeps you coming back for more?

Matt Carberry: The change. I mentioned it a few minutes ago. The network itself hasn't changed much, but I've been very fortunate to, within The Bancorp, to work with financial technology companies and payments companies of all sizes, and they change all the time. They change products, they reinvent themselves, they change their names all the time. One's always acquiring the next and merging with the next. So never having the same day two days in a row is what keeps me excited and interested.

The opinions, findings, or perspectives expressed in this content are those of the participants and do not reflect the official policy or position of The Bancorp, Inc., its affiliates, or its or their employees.