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Did you hear about the new payments system? Can Bitcoin compete in the retail payments space? Will the latest policy change help or hurt folks using payment systems? You’ll get answers to these questions and more in our new Payments Nerds podcast. We at The Clearing House are experts in payments. The Clearing House has evolved from our early days of just clearing and settle check payments. We’re the only private ACH operator in the country. We have the largest check image network. Our product CHIPS competes with Fedwire. On a daily basis we clear and settle around $2 trillion in payment. The payments space has never been this dynamic. There are new products, new technologies, and new policies that will disrupt the old order in ways that you need understand. There are people with some really interesting perspectives on all of this and you will hear from them. We want this show to be a repository of very stimulating conversations for payments nerds.
We are proud to be payments nerds – we love sharing perspectives on all things payments. The Payments Nerds podcast features expert guests who explore the most important issues, topics and trends to consider in payments today. If you are a payments nerd too, or are a little bit curious about what’s going on the payments world, just download the “Payments Nerds” podcast from The Clearing House.
You're listening to Payments Nerds, a podcast where we share perspectives on all things payments. If you are a payments nerd too, or are a little bit curious about what's going on in the payments world, you're in the right place. Let's start the show.
Speaker 2:Welcome to the very first episode of Payments Nerds. We're here today with Tim Mills. He is the vice president of business development and product management at The Clearinghouse, and he's also the host of this show. Tim, how's it going today?
Speaker 3:It's going great, and thanks for asking.
Speaker 2:That's awesome, Tim. It is great to talk to you today. To give everyone a little bit more context, my name is Logan Lyles. I'm one of the producers of this show. And today, I'll be talking to Tim about what you, the listener, can expect from this podcast.
Speaker 2:But before we jump straight into that, Tim, I would love for you to tell listeners a little bit more about yourself.
Speaker 3:Great. Thanks, Logan. Excited to share with folks a little bit of my background. I've been with The Clearinghouse now for, I guess, about fifteen years, and prior to that, spent some time managing education for a regional payment association. So Logan, the majority of my career has really been focused on payments, regardless of whether we're talking about ACH, check image, cards, wires.
Speaker 3:It's really been all about payments. And so, you know, this is really kind of neat to have an opportunity to spend some time chatting with folks about payments. In my career, I've had the opportunity to work directly with financial institutions to do some consulting with central banks from various places around the globe, mainly developing nations, and have, done some work with, corporates as well. So, again, grew up on payments, continued to live the payments life, if I can quote it that way, and, looking forward to continuing my career.
Speaker 2:I love it, Tim. Continuing the payments life. That's a that's a great way to put it. So at the beginning, I introduced your title at The Clearinghouse, and your company is also responsible for producing this podcast. For folks who don't have a good sense of The Clearinghouse, understand what you guys do, give us a little bit more context about what you and your team are up to these days.
Speaker 3:Great. Yeah. You know, it's interesting because, most of the time, when I tell folks I work for the Clearinghouse, they look for the oversized novelty check, And obviously, those of us in the payments business, in many cases, realize that the clearinghouse plays a little bit different role than showing up at your doorstep, you know, out of the blue to tell you you just became a billionaire. Right. The clearinghouse has been around since the middle of the nineteenth century, originally was created by the New York Money Center banks as a way to clear and settle check payments between themselves.
Speaker 3:Over the years, we've evolved, and we still do clear and settle check payments, but in addition to that, we also are the only private sector ACH operator in the country, the largest check image network provider in the country. We are also an operator of a high value payment system called Chips, which is really a competitor to Fedwire, and on a day to day basis, we clear and settle around $2,000,000,000,000 in payments. And most recently, Logan, and this is something we're all pretty excited about at the Clearinghouse, we've rolled out the first real time payments network in the country. So it is a payments network that allows financial institutions to move money from one institution to another institution, from account to account, within a matter of seconds, allowing for both real time clearing and real time settlement. So this is the first of its kind network, the first new network in The US in the last forty years.
Speaker 3:And we're, again, pretty excited about it.
Speaker 2:I love it. I can hear it in your voice, the the excitement having lived the payments life and been in this space for such a long time. And I think even if you aren't in that space, you can see how things are changing. There's so many different payment methods these days. Processes are getting faster.
Speaker 2:New things are happening like this new network that you're talking about here, Tim. So tell us a little bit more about why you wanted to start this podcast, Payments Nerds.
Speaker 3:So, you know, Logan, I have the opportunity to travel all over the country at a variety of different industry events, either speaking with folks or listening to folks talk about payments. And I got to tell you, there are some really interesting perspectives, ideas, and thoughts around what's taking place in the payment space. To your point a few moments ago, the variety of different ways that payments are being made today, there are new products that are rolling out each and every day. And, you know, as we thought about that here at the Clearinghouse, we thought, you know what, we have these conversations that are very stimulating in isolation. Why not host a repository for these ideas?
Speaker 3:Really a place for payments nerds to show up and to hear the thoughts and ideas of other payments nerds.
Speaker 2:I love it. And that is one of the things that I see as a lot of power in podcasting is taking those offline conversations and sharing them with a broader audience. So I think that folks that are passionate about this space and want to learn more are going to get a ton of value from these ongoing conversations. So on that note, Tim, can you tell listeners a little bit more about what they can expect from each episode coming out in this series here?
Speaker 3:Yeah, they can expect to hear really stimulating conversations about payments from a variety of different perspectives. So, regardless of whether we're talking to the CEO of a community bank, talking to a product manager at one of the top 50 banks, speaking with a representative from a processor, speaking to a corporate treasury manager who maybe has some thoughts and ideas around the way current processes are working. The idea is really to kind of make this a podcast about payments that a variety of different stakeholders that are involved in the payments life really have an opportunity to be able to share with with folks that listen in. And these podcasts are not designed to be marathons. They're really designed to be about ten or fifteen minute nuggets that give folks something to really think about as they walk away.
Speaker 2:I love it. I absolutely love that format. I love the topics you guys are gonna be talking about, Tim. So if listeners would like to connect with you, especially if they have ideas for future episode topics or guests that they think would be great for you to feature on this show, What would be the best way for them to reach out or connect with you, Tim?
Speaker 3:They can connect with me directly, via my email, which is tim.mills@theclearinghouse.org. They can give me a ring on my cellular. It's (917) 509-8677, or when you see me at industry events, feel free to walk up and engage with me. And who knows, you might get an invitation to be on the podcast.
Speaker 2:I love that. I love the accessibility and the community building that you're already looking forward to with this show, Tim. I I think it is going to be fantastic. Well, folks, that actually wraps it up for this introductory episode. Tim, you're gonna be taking over the reins for episode one and beyond.
Speaker 2:I really appreciate your time today. I'm excited to see this show grow. And for all the payments nerds out there, I'm sure it is going to add a ton of value and be a lot of fun. So thank you so much for spending time with me today to kick things off.
Speaker 3:Thanks, Logan.
Speaker 1:You've been listening to payments nerds. To ensure that you never miss an episode, subscribe to the show in your favorite podcast player. Thank you so much for listening. Until next time.