Bitesize Payments

Paul Thomalla

Payments are one of things that we do every day - they just happen, really they are just like magic!!!! But we don't wake up and think today I want to make a payment - we just want to pay a bill or buy a coffee but payments make them happen.

Paradoxically we both know more about them than we think and yet at the same time very little about what they are and how they work.

I have spent a lot of time in our industry doing education and training sessions on Payments and I kinda thought it would be useful to record it. So, here we go.... In Bitesize Payments I try and explain the History of Payments, how they work and who does what. Also who get paid for what....that might surprise you!

Anyway hopefully in less than 20 mins, week after week you can become a payment experts....... or at the very least someone who can ask the tough questions :-)

Please let me have your feedback, input or question at bitesizepayments@gmail.com

Thanks for listening.......

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Play Trailer

Introducing Bitesize Payment

Introducing Bitesize Payment

Hi and welcome to Bite Size Payments. My name is Paul Thomalla and literally years I've been saying I'd like to record a series of podcast about payments. Well guess what? I finally gone and done it. So, thank you for listening to my trailer for my Podcast Bitesize payments. I hope this trailer whets your appetite.Payments are everyday activity, but few of us know or frankly even care how they work. We just take them for granted. Few wake up in the morning and say, you know what, I want to make a payment. More likely that to say I want to buy a coffee or buy lunch. In that sense, payments are like magic. They just happen. Until, of course, they don't, and that's a whole other story. But how do they work? What is their history and who are the stakeholders and who gets paid for what. In bitesize payments I will guide you through the history of payments from using shells as money to the Knights Templar, a 17th century London Tavern and the emergence of crypto currencies. If you'd like to contact me, please do so via. Bitesizepayments@gmail.com. My first episode of Bitesize Payments is going to be on the early history of payments bartering, shells, coins and the creation of money.To mis quote a line from the life of Brian, what did the Mesopotamians ever do for us? Well, it turns out that’s where it started some 8000 years ago. One last thought. What is a payment? What's money for that matter? What central bank money? What's commercial bank money? Oh man, this is going to confusing. Let me explain and all will become clear,Please sign up and I hope you enjoy Bitesize PaymentsPayments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Episodes

Fintechs - the disruptors

Fintechs - the disruptors

Welcome back to Bitesize Payments where we discuss their history, how they work and of course who does what…. Today we are looking at key stakeholder in payments, fintech's… The new young things of the industry or are they… ? So today we are discussing Fintech’s, and I am super pleased to be joined by Caleb, CEO of Tilled.It was not long ago that the industry was the Fintech's were all tech and no fin….. not so sure that is true any longer … anyway we shall see ….. Hold on, here we go……Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

The rise of Mobile Payments

The rise of Mobile Payments

Welcome to Bitesize Payments, where we discuss their history, how they work and of course who does what… Today we are going to discuss mobile payments…. Remember when losing your wallet was the ultimate nightmare? These days, losing your phone feels like losing your entire life—and your wallet’s just a passenger on that ride!Let’s take a quick journey through time. Once upon a time, cash was king. Coins and notes ruled the economy for centuries. Then came the 20th century, bringing us credit and debit cards—plastic that allowed us to leave cash at home. But now, in the 21st century, we’re witnessing another major shift. This time, it’s digital, and it’s happening right in the palm of your hand—through your smartphone.So grab your phone, because it’s not just playing this podcast—it might just be the future of how you pay for everything! Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Gold - All that Glitters is not Gold

Gold - All that Glitters is not Gold

Welcome back to bitesize Payments, where we explain their history, how they work and of course who does what. Today we’re diving into a topic that has fascinated civilizations for thousands of years: gold. Did you know that all the gold ever mined would fit into a cube just 21 meters on each side?All that Glitters is not Gold – comes from Shakespeare don’t you know!! But it's history and role in Payments is Pivotal from a currency to the gold standard.Perhaps you’re now thinking of Fort Knocks or James Bonds Gold’s Finger ohhh and try not to think of Spandau Ballet … ahh too late… here we go… Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

European Payment Systems from a US PoV

European Payment Systems from a US PoV

Welcome back to Bitesize Payments. Where we discuss their history, how they work and who does what.Today we are going to do the reverse of the last podcast with Eric Grover – we will be looking at Europe from an American's point of view.We say Europe, but what do we mean? What’s the EU, SEPA, and EEA? We will walk you through that.Obviously, European history is a little more complex as, among other things, we had nearly 30 different currencies and all that entails.Last time Eric spoke, we discussed the USA from a European's point of view. Today we are going to do the reverse.I have always been amused and confused by our differences. Mostly, we can sort out our language to smooth things over and understand each other, as at the end of the day, payments are just that – payments.However, the EU has a few – well, maybe a lot – of complexities that are not always clear and frankly are a little fuzzy even for us. But it’s basically a lot of countries now trying to work together as a single (ish) entity.I have spent a lot of my career working for US firms, and it became almost a second skill to try and speak Europe to my North American colleagues.Let's dive down the rabbit hole. Here we go….Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

The US Payments System from a Europeans PoV

The US Payments System from a Europeans PoV

Welcome back to Bitesize Payments where we look at their history, how they work and who does what. When we look at the payment systems of another region, they often seem impenetrable due to different brand names, terminologies, use cases, and cultural nuances.You might be thinking, aren’t payments just payments around the world? Well, yes and no. While there are common elements like high-value payments, ACHs, and cards, you need to peel back a few layers to find the similarities.There are several aspects that might trip you up, and not just while you’re on holiday.In the next two episodes, we will examine the USA payment systems from a European perspective, and then the European systems from an American point of view.Joining me for this discussion is my good friend, Eric Grover. Eric is a keen observer of both European and American payment activities, making this an exciting and insightful conversation.So, let's dive into part 1 and understand how US payments work. This is going to be fun…. Here we go….Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Banks - The invisible network

Banks - The invisible network

Welcome back to bitesize payments where we discuss the history, how they work and who does what? Today we are going to discuss banks, what do they do? We have discussed a little of their history in previous episodes, we talk through them as key stakeholders as well, banks are right at the top of the list. So we're zooming in on banks - institutions as ancient as civilization yet as contemporary as the latest fintech news.It may well seem obvious what they do but as I think you will see it both much simpler than you think and much much more complex than you think! Well we’ll see…Today I am super please to be with my good friend Vincent Brennan ex Head of Payments at BOI amongst his many other roles, I have also been lucky enough to work with Vincent on Industry issues and at the EBA.Lets discuss banks, the invisible network. Hold on to your hats, here we go…. Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Clearings - Its groundhog day

Clearings - Its groundhog day

Welcome back to bitesize Payments were we discuss their history, how they work and of course who does what. In this episode we're discussing Clearings.Clearings what are they? Well, they are sometimes called rails, schemes or the last mile either way there are a lot and I mean a lot, as I have mentioned before there is a clearing for every type of payment – RTGS, IP etc for every country. Not only that but they are different in every country even though they do effectively the same thing. The first clearing was probably the format defined by Western Union in 1872 for what we now call wires. When we have electronic payments methods, we need these standards as we discussed in a previous episode.When I said a lot how many is a lot. Well there are 195 countries in the world with electronic payment, there are ACHs, IP, hi value, Cards – credit and debit, x border etc so for the sake of argument at least 7 formats so there are up wards of 1,365 different file formats…. So a lot :-) Today I am joined by Heike from Unifits and ex Vocalink etc to help me explain them, here we go….Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Fraud and Scams - The dark underbelly of Payments

Fraud and Scams - The dark underbelly of Payments

Welcome back to Bitesize Payments, in today's episode we dive into the murky waters of payment fraud and scams. From ancient swindlers to modern-day cybercriminals, we're charting the course of deceptive practices that have evolved alongside our financial systems. Fraud is a personal and often distressing experience, and while we won't dwell on the emotional aspects, it's important to recognise its impact. Our story begins in ancient civilisations, where currency first sparked opportunistic deceit. Recall the bustling marketplaces of Lydia, the cradle of coinage we discussed in episode one, where fraudsters first exchanged counterfeit coins for genuine ones, setting the stage for an enduring struggle between trust and deception. So, let's set sail on this journey through time and technology and the dark underbelly of payments.Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Corporates - the power house of Payments

Corporates - the power house of Payments

Welcome back to Bitesize Payments, in this episode we are going to discuss a Major Stakeholder that is not always discussed as much as they should have. As an example, when the EU asked for feedback in preparation for PSD2 the “corporates” gave more feedback than all the other groups put together, yet we seem to put them in a distant place. While we think of us citizens as the super user, as we discussed in episode 8, but much of the tools or networks, have been set up specifically for Corporates. Corporates they are the big boys or girls of payments they move the real bucks around and as you will see they have the most complex requirements of all the stakeholders. So much so that generally banks have a whole division set up to service their needs.Today I am joined by my good friend Roy Marsh to help walk through Corporates and understand their history, how they work and who does what. So let dive into their history, how they work and who does what. Buckle up here we go. Let go all corporate…..Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Regulators - Are they helping?

Regulators - Are they helping?

Welcome back to Bitesize Payments, where we delve into the world of payments, exploring their history, how they work, and the key players involved.Today, we're tackling a crucial topic: regulators. Love them or hate them, they play a vital role in shaping the payments landscape. From ensuring fair competition to protecting consumers, their influence is undeniable.But navigating the complexworld of regulations can be tricky. That's why I'm thrilled to be joined by Monica Monaco, the rockstar of European regulatory work in Brussels and CEO of TrustEuAffairs. Together, we'll unpack the role of regulators in the EU paymentsindustry, using it as a springboard to explore broader regulatory trends.So buckle up, payments enthusiasts, as we shed light on these essential players in the financial system.Let's talk about Regulators.Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

ISO20022 - The "cure all"?

ISO20022 - The "cure all"?

Welcome back dear listeners to Bitesize Payments, today we are going to discuss ISO20022. It’s the lingua franca of financial services. We started this journey when we discussed Standards, but ISO deserves a podcast on its own. But here’s the thing ISO touches the entire ecosystem and so the issue is a timing one. The stakeholders need to not just adopt but get ready. So, a central bank, a commercial bank the new rails, the corporates, merchant etc etc all need to move.It’s a x-industry change which makes it effectively the biggest opportunity and also the biggest issue. But moving from an analogue world to a digital one is tough…. So here we go ISO20022….. What is its history, how it works and who does what… or perhaps in this case who is not doing what…… The "cure-all"? Well we will see..Buckle up…Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Standards - They're more interesting than you think!!! No really they are....

Standards - They're more interesting than you think!!! No really they are....

Standards hmm that sounds interesting Paul well yep fair point but where would we be without them?Imagine a world where each time you tried to send money to someone, you had to navigate a new process, perhaps even create new accounts, or understand new protocols. Sounds chaotic, right? That's a world without payment standards.The financial world thrives on trust, security and efficiency, and payment standards are the backbone of all these. At the most basic level, payment standards are universally agreed-upon guidelines or protocols for handling and processing transactions. These might relate to technology, like the EMV chip in credit cards, or operational practices, like how banks handle wire transfers.Today I am joined by Santiago Cabeza Sos from Nexo Standards to help me.Why are these standards so important? Listen up here we go….Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

CBDC – The next big thing in Fiat money

CBDC – The next big thing in Fiat money

Welcome to today's episode of Bitesize payments, where we'll be diving deep into the world of Central Bank Digital Currencies, or CBDCs. The latest revolution in Fiat Money since the bank note. From their origins to their potential impact on the global financial system. Probably a once in a lifetime event, we will also talk specifically about the Digital Euro. I am joined today by Karel Lannoo, CEO of CEPS – Centre for European Policy Studies. We've got it all covered. Let's get started!Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Crypto - The red pill or the blue pill

Crypto - The red pill or the blue pill

Welcome to back dear listeners to Bitesize Payments. Today, we delve into the world of cryptocurrencies. They are digital natives in a payments world that is mostly analogue, the technology behind them is genuinely impressive however they introduce new paradigms which to some cause’s issues.Like many tools in the payment sphere, it’s not the tool per se that is the issue but, in its application, what its used for. For some, it represents an escape from societal or governmental oversight for some it’s just plan daft. So, a bit like Neo in the Matrix, are you ready to take the red pill or the blue pill? I'm not Morpheus, and I won't dive into conspiracy theories or philosophical debates, however hopefully I will guide you through their history, how they work and of course who does what.So, shall we follow the white rabbit….Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Dave and I thought that there was so much to discuss around RTGS that we decided that we need 2 podcasts. So here is part 2…. We are going to discuss a little of their history and dive into why RTGSs are so critical….Before the advent of RTGS, many countries used deferred net settlement systems for interbank transactions. In these systems, payments were accumulated over a certain period, and then the net amount was settled at the end of the day or another specified time. While this method was efficient, it carried significant systemic risk. If one bank failed to meet its obligations, it could trigger a chain reaction, potentially destabilizing the entire financial system. Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Governmental Bodies - The Treasury, Central Banks, and payment operators.

Governmental Bodies - The Treasury, Central Banks, and payment operators.

Welcome back dear listeners to Bitesize Payments. Today, we're going to explore a topic that's at the heart of every country's economy: our governmental bodies – The Treasury, Central Banks, and payment operators. Their roles are pivotal to any nation, but they are probably the least understood by Payment’s folk – generally the stakeholders and their ecosystems are best known in terms of corporate or retail payments and these Government bodies well let’s say not so much. You will know of many of their names, but may not know their history, how they work together and their responsibilities. I am very pleased to be joined today by Mark Hoban ex of the His Royal Majesties Treasury and the current Chair of the Pay.uk.What do they do? How do they operate and who does what? And why are they so crucial? Let's find out!Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Real Time Gross Settlement part 1

Real Time Gross Settlement part 1

Today we will be discussing something that underpins every major economy and is of vital importance to the flow of money yet is probably totally unfamiliar to many people - Real-Time Gross Settlement systems, or RTGS for short. I’m joined again by David Godfrey to help me explore this subject, RTGS, as I said, is possibly something that many people are unfamiliar with, yet, they underpin all electronic payments and is moving enormous amounts of money around the economy, so, what is it!As this is such a key topic, we are going to split it up in to three parts… here’s part 1. Buckle up here we go!Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Cash - Is it still king?

Cash - Is it still king?

Welcome to Bitesize Payments! In this episode, we're delving into the world of cash. Over the past few years, I've had numerous conversations about cash and its unique characteristics, including its anonymity. I even had a memorable discussion about it while getting my hair cut – thanks, Ali! It’s the most personal payments method, it’s the most integrated into our societies and its old – 5,000 years plus. Is cash still king? Well, that's a question we'll explore today, and I must admit it's an emotionally charged topic. Hold on here we go….Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

Cheque or checks? – writing letters to the bank

Cheque or checks? – writing letters to the bank

Welcome Dear listener to Bitesize Payments where we talk about their history how they work and who does what. In this episode we are going back in time to 1659, we are going to talk about a method of payments that goes back literally centuries, we still use them today and in some countries are really popular and more efficient than you might think. Yes, today we are going to discuss Cheques or Checks depending on where you are in the world. Cheques were there first payments instrument that were not money (fiat money that is, if you have been paying attention  ). They were first used in 1659 in a London tavern and so starting the fintech revolution. But we have been using them since then..Today I am so please to be joined today by Dougie Belmore, Head of Payments @ Pay.uk. It’s a bit like writing a letter to the bank….. so get your pens out were doing writing!!!! Buckle up here we go….Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education

The Magic of Cards and their 4 corners

The Magic of Cards and their 4 corners

Welcome back, dear listeners, to 'Bitesize Payments.' In this podcast, we delve into the fascinating history of payments, exploring how they function, and the key players involved. Today, our focus is on cards. Once considered a status symbol, today nearly everyone possesses one, with many owning multiple cards. While most of us use them in our daily lives, have you ever wondered about their origins, how they function, and who's behind them? Did you know? There are approximately 24 billion cards in circulation worldwide. With a global population of around 8 billion, including children, it's evident just how much we adore our cards. To shed more light on this topic, I'm thrilled to be joined by one of the most knowledgeable payments experts I know and my good friend, David Godfrey. Let's dive into the world of our 'flexible friend.' Let's get started Payments Industry Insights History of Payments Payment System Explained Corporate Payments Strategy Payment Regulations Impact ISO20022 Standard Digital Payments Evolution CBDC Advancements Cryptocurrency in Payments Financial Technology Education