The inaugural episode of Money Movement Matters, presented by Finzly, features an in-depth conversation with Matt Friend, Managing Director at JPMorgan Chase, where he leads initiatives around new payment rails. Hosted by Booshan Rengachari, the discussion explores how innovation, regulation, and customer expectations are reshaping the payments ecosystem and what lies ahead for banks, businesses, and consumers.

Friend’s career in payments began during the U.S. Treasury’s push to migrate from paper checks to ACH, an early reminder that while technology changes, the underlying principles remain constant. Trust, safety, security, and customer experience have always been and continue to be the pillars of the payments industry.
 

This truth was underscored by the recent successful migration of Fedwire to ISO 20022. The upgrade fundamentally changed the “language” used to move trillions of dollars daily. Friend noted that the absence of major disruptions demonstrated both the industry’s preparation and the importance of collaboration across institutions.

A major theme in the conversation was the role of ACH. While Fedwire and RTP are moving toward ISO 20022, ACH remains the dominant but highly complex rail. Converting ACH to the new standard would be a massive, decade-long effort. Friend emphasized that the industry may instead innovate around ACH - leveraging payment hubs and supplemental data rather than overhaul the system entirely. For now, ACH remains reliable at its core, but new customer demands are pushing all rails to evolve.

Instant payments, particularly for “me-to-me” transactions like funding brokerage accounts, digital wallets, or even placing real-time bets, are emerging as a critical growth area. Consumers increasingly expect immediate access to their money, and use cases are expanding as adoption grows. Friend stressed that beyond speed, brand trust and consumer protections will be key for instant payments to reach scale. Customers need confidence in the rules, security, and remedies when things go wrong - an expectation that has long underpinned traditional banking.

The conversation also touched on artificial intelligence and its potential to reshape payments. For JPMorgan, AI’s greatest immediate value lies in fraud detection and risk management at scale. By analyzing massive transaction volumes, AI can identify patterns, enrich transaction data, and ultimately enable smarter, safer banking. Beyond fraud, AI promises to streamline operations and enhance customer service, while paving the way for more invisible, embedded payments experiences in the future.

As one of the largest and most influential banks in the world, JPMorgan faces the dual challenge of managing mission-critical platforms while leading on innovation. Friend credited the bank’s leadership with creating a culture that demands both stability and forward-looking experimentation, from stablecoins to next-generation rails. The balance, he noted, is non-negotiable: payments must always work, but banks must also stay ahead of rapid change.

When asked about the next three to five years, Friend highlighted three key areas:
 

• Richer data surrounding payments, powered by ISO 20022.
   
• Continued exploration of stablecoins and their role in solving customer problems.
   
• Stronger regulatory frameworks that balance consumer protection with space for innovation.
   

For newcomers to the industry, Friend offered timeless advice: be patient, focus on understanding the fundamentals of money movement, and appreciate the unseen complexity that makes payments look simple to the end user.

Have questions or want to learn more about how Finzly can help your institution modernize payments? Contact us today.