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Can financial compliance be the key to a safer global economy, or is it a labyrinthine obstacle for startups? In this episode, we unravel the intricate world of KYC (Know Your Customer), KYB (Know Your Business), and AML (Anti-Money Laundering), using the recent developments with the digital banking startup Mercury as a springboard. We dissect the complexities behind sensational headlines, exploring the foundational importance of KYC in thwarting fraud and money laundering. Discover the historical journey of the term "money laundering," from its emergence during Watergate to its critical role in Reagan's war on drugs and post-9/11 global security efforts. This segment will give you a comprehensive understanding of the global initiatives aimed at preventing financial crimes and ensuring institutions don't inadvertently assist terrorists.

Our conversation then shifts to the persistent challenges of identity verification and the inefficiencies plaguing current systems. We delve into the struggles faced by under-documented individuals and propose innovative solutions, including a startup idea leveraging gig economy workers for identity verification. Finally, we explore the KYB process and its implications for startups like Mercury, particularly the challenges of regulating international business dealings. Listen in as we share actionable insights on balancing compliance with business opportunities, emphasizing the crucial role of thorough verification processes in maintaining a robust and secure financial ecosystem.

Hosts: Sam Maule & Maia Bittner

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Curious about why superapps are struggling to make a splash in the U.S. market? Join us as we uncover the unique barriers and skeptical outlook surrounding their success. Discover how the high costs of customer acquisition in fintech are pushing companies towards the super app model as a solution to maximize revenue from their existing user base. Tune in as we share insights from the latest Finnovate conference and debate if a major retailer like Walmart has what it takes to defy the odds and thrive in this complex landscape.

What makes the U.S. so different from regions where super apps have flourished? We examine the disparity between the enthusiasm of CEOs and the practical hurdles of implementing such apps stateside. From the lack of government support that has bolstered similar ventures in China and Dubai to the way the pandemic has altered consumer behavior with technologies like Apple Pay, we analyze whether these shifting market dynamics could pave the way for super apps in America. We also highlight the unique environments that have enabled super apps to excel abroad and why replicating that formula in the U.S. is not a straightforward task.

Could Walmart be the game-changer in the fintech arena? With a vast and loyal customer base, a significant physical footprint, and strong strategic partnerships, we explore Walmart's potential to offer superior financial solutions. We delve into the importance of their grocery business, substantial e-commerce growth, and the challenges posed by cultural and talent gaps in tech and financial services. Drawing on insights from Jason Del Rey's book "Winter Sales: Amazon, Walmart and the Battle for Our Wallets," we discuss whether Walmart can overcome these obstacles to emerge as a leader in the super app space. Join us for this engaging exploration of the future of super apps in the U.S. and Walmart's potential role in shaping it.

Hosts: Sam Maule & Maia Bittner

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How did a payment system from Japan in 1973 pave the way for the digital wallet in your pocket today? Join us as we uncover the fascinating history and rapid evolution of faster payment systems worldwide. We take you on a journey from Japan's groundbreaking Zenjin system to contemporary giants like the UK's Faster Payment System, Brazil's PIX, and India's UPI. Along the way, you'll hear my firsthand experiences from a recent FedNow feedback session in Utah, featuring insights from industry leaders like MX and Galileo.

Ever wondered why some transactions are instant while others take days? We break down the complexities of payment systems, diving into the mechanics of ACH, RTP, and the newly introduced FedNow. Learn about the crucial differences between push and pull payments and how banks manage the risks and fraud associated with each type. Through real-world examples, we emphasize the importance of maintaining a balance between transaction speed and security. Discover why certain transactions might seem slow but are actually designed to protect you from fraudsters who adapt quickly to new systems.

Is FedNow poised to revolutionize the financial industry like Zelle or UPI? In our final discussion, we compare these two real-time payment platforms and debate FedNow's potential to become a game-changer. We invite you to share your thoughts and feedback via LinkedIn or Twitter, and suggest future topics you'd like us to cover. Don't miss this comprehensive exploration of faster payments, filled with intriguing anecdotes and expert insights. Thank you for tuning in, and we can't wait to hear from you on our next episode!

Hosts: Sam Maule & Maia Bittner

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Witness the dramatic transformation of commercial real estate as we discuss the staggering fall of St. Louis's tallest tower, from a $205 million valuation in 2006 to just $3.6 million today. We bring you an expert analysis from Joe Brady, who unpacks the "urban doom loop" and the potential for city revitalization through strategic public-private partnerships. Using Detroit's impressive resurgence, fueled by investments from Dan Gilbert of Rocket Mortgage, as a prime example, Joe shares his unique perspectives on reversing urban decline.

Explore the ongoing shifts in urban development and how office spaces and retail sectors are adapting post-COVID. We debate the potential strategies banks and property owners might employ to handle the instability, drawing parallels to the "extend and pretend" tactics seen during the retail downturn. Delve into the challenges and opportunities faced by B and C office buildings in New York City, and learn from successful urban redevelopment projects in Tampa and Chicago. Also, discover the surprising real estate trends in San Francisco, where condo prices are dropping despite the city's tech dominance.

Get insights into the future of hybrid work models and the evolving landscape of office spaces. We critique the outdated notion of mandatory in-office presence and advocate for flexible work arrangements that suit diverse employee needs, drawing on examples from companies like Chime and JP Morgan.

Hosts: Sam Maule & Maia Bittner

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Can a single phishing attack lead to the financial ruin of millions? Brace yourself as we uncover the catastrophic data breach at Evolve Bank, orchestrated by the infamous LockBit ransomware group. Maia and Sam dissect this digital disaster, where a simple phishing scam blew open the floodgates, exposing the personal identifiable information (PII) of millions of Americans on the dark web. This breach isn’t just a wake-up call; it's a seismic shock, revealing glaring loopholes in our current security measures. We commend Jason Mikula for his fearless reporting on this issue, even under the looming shadow of legal threats from Evolve Bank.

The breach at Evolve Bank has sent shockwaves through the fintech industry, triggering a wider trust crisis. Imagine the chaos when social security numbers and other unchangeable PII are compromised. Drawing from the notorious Equifax hack, we stress the urgent need for robust, multifaceted security measures. We discuss the ripple effects impacting services like instant payouts and buy-now-pay-later schemes and scrutinize Evolve's lackluster response compared to the proactive stance of industry leaders like Max Levchin of Affirm. Join us as we call for better handling of such existential threats to sustain consumer trust in fintech innovations.

Hosts: Sam Maule & Maia Bittner

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Ever wondered how credit card loyalty programs actually work and why some stand out more than others? Join us as we unravel the secrets behind these fascinating systems! Our episode kicks off with Maya Bittner and Sam Maul taking you on a nostalgic journey through the origins of loyalty programs. We highlight milestones from American Airlines' pioneering efforts in 1981 to Sam's amusing memories of Piggly Wiggly stamps. Maya passionately argues why the Chase Sapphire Reserve card is a game-changer in today's market, focusing on its Visa Infinite classification and higher interchange fees. Together, we navigate the complexities of how loyalty programs are implemented, right down to the nitty-gritty details of rewards calculations and the essential data elements involved.

As we transition to the deeper layers of transaction data, you'll get a comprehensive look at how credit card companies categorize each purchase you make, from merchant category codes to the elusive SKU-level data. We also dissect the profound impact these loyalty programs have on consumer behavior and financial models, spotlighting examples like Costco's transition from Amex to Citi. Lastly, we delve into Visa's strategic push to capture rent payments and discuss Built's innovative, though financially demanding, rewards program for rent payments via Wells Fargo. Tune in to understand the broader implications and strategic maneuvers behind these ubiquitous yet intricate loyalty programs.

Hosts: Sam Maule & Maia Bittner

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Discover how Donor Advised Funds (DAFs) can revolutionize your approach to philanthropy with Salomon Serfati, CEO and co-founder of Chariot. Saul joins us to shed light on how DAFs offer significant tax benefits and the flexibility to time your contributions for maximum impact. Through a touching personal anecdote, Saul reveals how he and his fiancée used a DAF to help fund weddings for those in need, illuminating the communal and heartfelt potential of these funds.

We also explore the innovative possibilities of DAFs in making charitable giving more strategic and aligned with personal values. Learn about DAF pay, an exciting solution that simplifies the donation process directly from nonprofit websites, making philanthropy more accessible than ever. Whether you're new to the concept or a seasoned donor, this episode promises valuable insights into how DAFs can help democratize strategic philanthropy and make your charitable efforts more impactful.

Hosts: Sam Maule & Maia Bittner

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Ever wondered what it's like to receive an unexpected haul of shoes just by tweeting about sore feet? Tune in as we learn about the unexpected windfalls for a finfluencer. With us is Sheel Mohnot, co-founder of Better Tomorrow Ventures, who takes us through his thrilling journey in the fintech landscape. Get an insider's look at how he teamed up with Jake Gibson of NerdWallet fame to create a venture capital firm aimed at fostering early-stage fintech innovations.

Sheel dives into the gritty details of early-stage investing and fundraising, offering a candid look at the fine line between "fake it till you make it" and fraud, highlighted by the FTX and SBF saga. We discuss the obstacles Sheel faced while raising their initial funds and how the COVID-19 pandemic played a pivotal role in their journey. The episode is a masterclass in strategic decision-making, including why Better Tomorrow Ventures chose to limit their fund size to stay sharp and effective, and the tough but necessary act of turning down investors.

In the latter part of our chat, we explore the fascinating world of neobanks, SaaS, and consumer fintech, uncovering both the opportunities and challenges in these sectors. We touch on the immense potential within niche markets and the crowded space of consumer fintech, stressing the importance of targeting underserved communities. The episode wraps up with a futuristic glimpse into wearable tech, where Shiel shares his thoughts on smart glasses' practicality and privacy issues. It's an episode packed with insights, humor, and forward-thinking perspectives that you won't want to miss.

Hosts: Sam Maule & Maia Bittner