24 April 2025 Peter Davey of PaymentsJedi Advisory on killing checks, pay by bank, and Payments Beer Nerds
episode
Off the Rails from the U.S. Faster Payments Council - FPC
29 min
2 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Off the rails from the US Faster Payments Council.
I'm Reid Lutanen, Executive Director of the U.S. Faster Payments Council, and this is Off the Rails from the U.S. Faster Payments Council. Today's episode is with birthday boy, Peter Davey, and it's a special one because it's going live while we're all happily together at the FPC Spring Member Meeting in the beautiful San Diego, California area.
What announcements and event headlines open the episode from the FPC Spring Member Meeting?
Peter and I are talking about killing checks, pay-by-bank, and the brewery scene down in San Diego, but first, the headlines. Y'all, the spring member meeting is happening right now, and it's already been an amazing day one, and we had a great time at the evening event last night. Huge thank you to all of our event sponsors, ACI Worldwide, Alloya Corporate Federal Credit Union, BNY, Endava, ePay Resources, Finsley, Form 3, Shazam, MasterCard, SRM, North American Banking Company, Trustly, and The Clearinghouse. And if you're interested in sponsoring future member meetings, please reach out to us at info at fasterpaymentscouncil.org. FPC will be at NACHA's conference April 27th and 30th in New Orleans, Louisiana.
I look forward to seeing many of you there. Please make plans to stop by booth 1146 where Christine will be and I'll be there some too. Making sure to make the rounds and come say hi to us. We're also speaking on three panels talking about faster and instant payments with Larry Fatima. from Wells Fargo, Bhushan Rangachari from Finsley, Sarah Arnio from Walmart, Mike Thomas from U.S. Bank, Mike Cook from SoCure, and Annie Schmidt from CGI. Hit me up via email, LinkedIn, or the NACHA conference app if you're around. I'd love to see you. And as Peter and I will discuss, the Payment Beer Nerds are hosting an event at the Bourbon Street Drinkery on Tuesday, April 29th at 8.30. You can register for that at paymentsbeernerds.com.
And the FPC's fall member meeting is set. It will be November 4th and 5th in Portland, Maine at the Westin Harborview. Not many things beat New England in the fall, so make plans to join us there. All right, I think that's enough for the headlines. It's time for that chat with Peter Davey of Payments Jedi Advisory.
All right, we're joined by Peter Davey of Payments Jedi Advisory. Peter, thanks for joining us.
Absolutely, Reid.
Had you on a few times, and so it's always a good time, and I'm looking forward to having the conversation. We're going to kind of bounce around a bit. I don't really want to have a major theme. We're obviously at the FPC member meeting this week, so it's a little bit busy for me, but I did want to talk about a few things, and one of them has come kind of back in is Killing Checks is Cool Again. You know, we've had the announcement from the White House on the executive order that is aiming to electronify government payments. Ross McFerrin from Trusty and I talked about that quite a bit last week. I don't want to rehash all that. But one thing that has occurred to me, as we talked about before, is this kind of raises a question in my mind of like, why are checks hanging on?
Right. They've been around. You know, we've had all kinds of electronic payment options for 50 years. So but checks continue to hang on despite all those other options. So what's going on there?
Yeah, you know, there's a couple of vectors, I believe, that are really driving the continued use of checks. First and foremost, I think generally companies, they don't have the access to the details from electronification to send data. money to people. And, you know, they're not keeping them. They're not storing that information. And in fact, as an industry, we've kind of advised people not to store that information or it has to be stored securely. So in general, it can't be used for other purposes. We talked about the fact that we all just paid taxes. It was April 15th. We all paid taxes. The IRS has routing number and account number for pretty much everybody who filed their taxes electronically. However,
they can't use that for really any other purpose other than collecting those payments, right?
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:05–0:47
2
What announcements and event headlines open the episode from the FPC Spring Member Meeting?
0:47–16:34
3
Why is the persistence of checks still a problem and what factors keep them in use?
16:34–21:03
4
How do directory, legal, and privacy issues block check electronification?
21:03–29:34
Speakers
2 identifiedMore from Off the Rails from the U.S. Faster Payments Council - FPC
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30 July 2026 Podcast Erik Van Bramer from Federal Reserve Financial Services
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