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Extract from The Past, Present, and Future of the Payment System as Trusted Broker and the Implications for Banking in the Book Innovative Technology at the Interface of Finance and Operations (Springer)
The nature of payment systems is changing. In recent times, traditional financial institutions have provided the majority of payment services. Over the centuries, incumbent banks developed a reputation to act as trusted brokers. This is their main advantage today, yet we consider several scenarios for the future of payments, all of which entail a new basis of competition and a new locus of trust. While trust will be just as important in the future as in the past, the meaning of trust is changing fast. In a world of instant payments, universal connectivity between payment networks, and perhaps even central-bank accounts for ordinary citizens to keep their digital funds, the role of banks could be quite different than it has been for the last centuries.
Joseph Byrum is an accomplished executive leader, innovator, and cross-domain strategist with a proven track record of success across multiple industries. With a diverse background spanning biotech, finance, and data science, he has earned over 50 patents that have collectively generated more than $1 billion in revenue. Dr. Byrum’s groundbreaking contributions have been recognized with prestigious honors, including the INFORMS Franz Edelman Prize and the ANA Genius Award. His vision of the “intelligent enterprise” blends his scientific expertise with business acumen to help Fortune 500 companies transform their operations through his signature approach: “Unlearn, Transform, Reinvent.” Dr. Byrum earned a PhD in genetics from Iowa State University and an MBA from the Stephen M. Ross School of Business, University of Michigan.
