Tony Cook
speaker
84 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Tony Cook’s voice in public audio — every appearance, attributed to the second.
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Appearances
Sure.
Yeah, thanks, Reed.
So I'm an executive vice president at First Bank in Colorado, where I've been for almost 17 years in a number of roles in and out of payments, but I've spent a lot of that time working in instant payments and helping bring instant payments to First Bank and our customers.
And at First Bank, we really want to enable our customers to bank, you know, how, when, and where they need to.
And of course, money movement and access to their funds is a really big part of that.
And so adding the ability to access and move money instantly, along with, you know, the transparency, irrevocability, and the overall control that these payment rails provides really creates a lot of value add for our customers.
And so it's something that we've been on board with and pursuing for some time and really see as a big part of our future capabilities to best serve our customers long term.
Sure.
Yeah, and I completely agree with what Donna was explaining.
And, you know, it's very true that traditionally a lot of organizations are doing it manually through Excel, data entry, maybe even paper-based processes.
And, you know, I think just as the number of payment mechanisms are growing and the volume grows and then just the complexity of financial services, it's really not practical in most circumstances to
do reconciliation the same way you've always have.
And, you know, not to mention the time that can be involved when something doesn't reconcile, it requires a lot of expertise and understanding of how the money moves and internal, you know, operations and procedures can take extensive time to research and then the correction efforts and making sure that, you know, things are corrected correctly and,
And so when I think of it, it's just there's too many transactions, too much data and too much risk to not do it the right way.
And then I think with instant payments, it's definitely a different dynamic.
When I think of the 24 by seven processing and the need to reconcile and validate payment processing outside of your traditional five day a week batch processing methods, it really becomes necessary to introduce the automation and some of those pieces that Donna was speaking about.
And when I think of like the RTP network, for example, you know, with traditional payments, again, we're reconciling on based on batch processing.
But with RTP, we're reconciling with the network on a daily basis, seven days a week, and, you know, balancing against their end of day cutover, which is late into the evening.
And we certainly don't have our operations teams around late or on weekends.
And so we do rely on automation and good escalation procedures and protocols when needed.
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