April 11, 2024

AI and Other Disruptors Front and Center at Smarter Faster Payments 2024

Speed of change podcast image

When you see a session titled “AI Is Coming for Your Payments: The Growing Impact of ChatGPT” you know you’re at a conference that’s confronting change head on. And that’s exactly what’s happening with Smarter Faster Payments 2024, May 6-9 at the Miami Beach Convention Center.

“We have an entire track that’s called the Disruptive Ideas and Technologies track. AI, open banking, pay by bank, banking as a service—all sorts of those technologies and changes are driving the content,” said Stephanie Prebish, Nacha Senior Managing Director, Association Services.

Interviewed on Nacha’s Payments SmartCast podcast, Prebish said attendees this year will find a forward-looking event focused on “everything in the payments space—and not just what’s going on now, but what could be happening in the future.”

2024 marks Nacha’s 50th anniversary, but as Prebish noted, “What we’re really celebrating is the fact that we’re able to continue to drive innovation. And something that the Payments conference does is really showcase the fact that we’re not just sitting still. We’re continuing to change and adapt based on the industry landscape.”

As for that “AI is Coming for Your Payments” session, panelist Steven E. Bernstein, Head of North American Strategic Business Development at J.P. Morgan, said he will be joined by representatives of two fintechs and the Federal Reserve’s chief innovation officer.

“You get more than one voice in the room. You get different perspectives,” Bernstein told the podcast. While it’s still early days for AI, Bernstein sees great potential—as well as risks.

“The powerful aspects of the use cases have to be policed in some form or fashion,” said Bernstein. That’s why one of the topics they’ll cover will be the need for “rules of the road” for using AI in the payments space “so that everybody follows them, rather than you’ve got 1,000 practitioners going in the wrong direction, which may not turn out to be the most positive for the industry.”

You can listen to the complete podcast here.

Learn more about Smarter Faster Payments 2024 at the conference website.