Farooq Malik, Co-Founder & CEO of Rain | Episode 462

Money is changing faster than most teams can update a roadmap. We sit down with Farooq Malik, Co-Founder and CEO of Rain, to unpack how stablecoins and tokenized dollars are moving from crypto headlines to the hidden plumbing of real payments - powering card programs, cross-border payouts, and embedded finance at enterprise scale.Farooq breaks down Rain’s vertically integrated stack: pay-ins and payouts across ACH, wires, and Visa; support for dozens of stablecoins on 11 blockchains; and account logic that makes tokenized value feel like a familiar account, not a science project. We dig into a standout use case - a margin-backed credit card where each swipe triggers instant receivable financing in stablecoin - cutting working capital needs by about 80% and transforming the unit economics of card programs. He also shares how one API can issue regulatorily compliant products in multiple markets, letting global platforms pay creators, freelancers, and merchants in “international dollars” without stitching together country-by-country integrations.We explore the surge in institutional interest fueled by emerging regulatory clarity, the 30x volume growth Rain has seen in the last 12 months, and why broader rules could unlock 10x–100x adoption across the ecosystem. Farooq contrasts Rain’s approach with reseller patchworks, highlighting the benefits of being a principal Visa member and owning the core of the stablecoin stack. Beyond stablecoins, we touch on open banking, the rise of global-first consumer apps, and how nomadic work patterns are forcing finance to follow people, not addresses.If you lead payments, product, or finance, you’ll leave with a clear view of where tokenized money creates immediate value: better card economics, faster global disbursements, and simpler enterprise integrations. 

Forget the hype - small merchants need tools that actually work when a line forms and a card won’t tap. Andrew Helms, CEO USA at SumUp digs into a merchant-first approach that puts transparency, service, and growth at the center of payments. Andrew shares his unconventional path from Middle Eastern studies and consulting in Dubai to entrepreneurship, scaling Home Chef through acquisition, and ultimately leading SumUp’s U.S. team from Boulder Colorado. That global lens shapes a practical strategy: localize for U.S. realities like tax complexity and tipping, keep pricing honest, and answer the phone when a sale is on the line.We unpack how SumUp’s integrated ecosystem - payments, POS, invoicing, banking, lending, and loyalty - helps brick-and-mortar stores thrive. The spotlight is on inventory-heavy retail: convenience stores, liquor shops, toy and pet stores juggling large catalogs, aging stock, and tight margins. Andrew explains how POS plus loyalty surfaces what’s expiring, what’s stuck, and which promotions move units, turning shelf data into cash flow. He’s candid about competitors’ junk fees and makes the case for clear contracts and seven-day live support that’s moving toward 24/7 coverage.Looking ahead, Andrew separates signal from noise on stablecoins, instant payments, and AI. Cross-border settlement and faster payouts hold real promise if they reach main street, while selective AI can power insights and smarter support without replacing the human layer. He also taps SumUp’s global footprint for “crystal ball” learnings - from Brazil’s Pix to London’s kiosk boom - and shows how to translate those wins for U.S. merchants. We close with career advice to ask better questions and a call for ethics in payments: long-term success depends on enabling small businesses to build community, repeat revenue, and resilience. If you care about the future of main street retail, this conversation brings strategy you can use today.

Money that waits for Monday is losing ground to rails that never sleep. Greg sits down with Edward Woodford, CEO and Founder of zerohash, to explore how stablecoins and tokenized deposits are reshaping cross-border payments, account funding, and global payouts for merchants, platforms, and marketplaces. From MIT roots to building one of the largest movers of stablecoins, Edward explains why velocity of money matters and how interoperability solves the messy reality of assets, chains, and compliance at scale.We dig into concrete use cases: topping up trading or gaming balances instantly, paying freelancers in the Philippines or Brazil with automatic local currency conversion, and using stablecoins as a dependable 24/7 rail. Edward breaks down why abstraction is the unlock - users shouldn’t pick chains or tokens, they should just send money. He also shares why banks are poised to become the biggest on- and off-ramps as regulatory clarity lands, and why tokenized deposits may deliver stronger economics for financial institutions than issuing their own stablecoins.Looking ahead, Edward maps a world of vertical integration, where processors launch their own networks and potentially bank charters, compressing costs and aligning incentives across the stack. He makes the case for streaming payments as a catalyst for financial resilience and agentic commerce, where instant settlement reduces payday lending and powers software-to-software transactions. The result isn’t crypto vs. traditional - it’s connected plumbing that makes payments faster, cheaper, and more inclusive.If you care about the future of payments, cross-border commerce, and the real-world path from crypto rails to everyday use, this conversation offers a clear blueprint. 

Payments shouldn’t feel like a maze. We sit down with Kurv’s CEO, Afshin Yazdian, to unpack how a legacy “lifestyle business” evolved into a modern payments platform by stripping out friction, investing in human-centered service, and doubling down on tools that make small businesses stronger. From tap-to-pay on everyday smartphones to faster access to funds, the strategy centers on clarity and speed so owners can focus on sales, staff, and customers - not statements and support tickets.Afshin walks us through his unconventional path from law to leading roles at iPayment, Priority, and Paysafe before acquiring and rebranding EMS as Kurv. He shares what it took to rebuild operations, unify a new leadership team, and scale applications and activations nearly 10x in 18 months. We explore why transparent pricing, intuitive onboarding, and self-service matter just as much as getting a live expert on the phone, and how that blend becomes a moat in a commoditized market.We also dig into the high-stakes frontier of AI and fraud. With more digital leads and synthetic identities hitting underwriting queues, Kurv deploys machine learning to protect onboarding and e-commerce merchants while preserving approval rates. Add in real-time payments for better cash flow and a truly omnichannel approach - retail, field services, and online and you’ve got a playbook for SMB payments that is powerful without being complicated. Along the way, Afshin makes a strong case for culture as strategy: communicate clearly, care for people, and let that pride carry through every interaction.If you’re building, selling, or relying on payments, this conversation will leave you with practical ideas for simplifying workflows, reducing risk, and earning loyalty. 

What if account-to-account payments felt as dependable as swiping a card? We sit down with Keith Raphael, Co-founder and CEO of Straddle, to explore how a trust-first approach can transform ACH, RTP, and FedNow into fast, reliable options that product teams and finance leaders can actually count on. Keith’s journey from hardcore compliance to building a unified API offers a rare, inside look at what it takes to replace “file uploads and hope” with identity-led orchestration and clear, real-time visibility.We unpack the core idea that money moves at the speed of trust and how the lack of a strong identity layer has kept A2A stuck in 1970s-era uncertainty. Keith explains how Straddle combines KYC, fraud detection, open banking connectivity, tokenization, and multi-rail routing to solve the “where is my money” gap for subscriptions, stored-value wallets, remittances, marketplaces, and B2B flows. We also dig into US-specific headwinds: no regulatory mandate for open banking or instant payments, incumbent pricing strategies that protect debit economics, and the resulting friction for adopters.From the rise of platforms and embedded finance to direct-to-rail integrations and the cautious reality of stablecoins, Keith lays out a pragmatic roadmap for scaling bank payments without sacrificing compliance or customer trust. The lesson from Stripe and Square still stands (simplicity wins) but it now applies to ACH, RTP, and FedNow. 

Cash flow used to mean waiting and worrying. Today, it can mean deciding and doing. We sit down with Ana Garcia of JPMorgan Payments and James Chi of Block to unpack how real-time payments are reshaping the small business playbook - turning every sale into instantly usable working capital and replacing uncertainty with visibility you can act on.Ana pulls back the curtain on how instant payments actually work: APIs or portals trigger transactions, banks authenticate and screen for fraud and compliance, networks like The Clearing House RTP clear and settle, and funds land in seconds with instant confirmation. James maps those capabilities to real merchant needs - Square’s instant transfers to linked accounts, immediate spend via Square Checking, and faster marketplace payouts for merchants - showing how speed enables on-time payroll, proactive inventory management, and smoother refunds.We also get real about adoption. Many owners still don’t know they can move money this fast, so education in context is key - surfacing instant options exactly when cash is tight. On safety, both leaders emphasize layered defenses: identity checks, behavioral analytics, transaction limits, and step-up authentication, proving you don’t need to trade security for speed. Looking forward, we explore request for payment for cleaner collections, the march toward near-universal bank coverage, and the promise of cross-border instant payments that could redefine supplier and marketplace flows. If you care about liquidity, predictability, and customer trust, this conversation shows how real-time payments turn pressure into momentum.This episode is part of our special series on The Future of Modern Payments sponsored by The Clearing House.

The backbone of the economy is feeling both confident and squeezed, and we wanted to get specific about what actually helps. In this episode I sit down with Shruti Patel, Chief Product Officer for Business Banking at U.S. Bank, to unpack fresh small business data and the concrete tools that turn payments into faster cash, lighter admin, and clearer decisions.We start with the Small Business Perspective survey: high optimism paired with pressure from inflation, tariffs, and supply chain uncertainty. Shruti explains why access to working capital and lower operating costs remain top priorities, and how owners are already using AI to sharpen marketing, streamline service, and simplify back office tasks. From there, we dig into U.S. Bank’s strategy shift from methods of payment to jobs to be done - bundling what matters so owners can open, accept, pay, and reconcile without the swivel-chair fatigue.You’ll hear how Business Essentials merges a no-fee operating account with Elavon acquiring, a free mobile reader, and same-day funds to ease cash flow. We explore Cashflow Central for bill pay across card, ACH, and e-check, plus embedded payroll via Gusto that replaces separate subscriptions many owners used to carry. Shruti also walks through spend management tied to small business cards, giving real-time controls and visibility. Looking ahead, we separate signal from noise on stablecoins, tokenized deposits, and agentic commerce, and we map where AI will make an impact in 2026 - faster underwriting, smarter support, and fewer steps for the jobs that happen every day.If you run a small business or build for them, this conversation lays out a practical blueprint: consolidate workflows, shorten time to cash, and adopt AI where it saves hours, not just headlines. 

In this episode, we dig into how modern SaaS platforms turn payments into a core product, a revenue engine, and a defensible moat without breaking customer trust or slowing product velocity. With NMI’s CMO Peter Galvin and Product Director Luis Peña, we unpack the real path from “just accept cards” to a fully integrated commerce stack that handles fraud, chargebacks, compliance, and omnichannel experiences at scale.We start with the SaaS payments maturity curve: ship fast with basic acceptance, then refine UX with tokenization and branded flows, and finally operate payments as a true business line with pricing strategy and revenue share. From there, we explore the tough stuff most teams underestimate - risk management, underwriting discipline, and the operational muscle needed to keep approval rates high while keeping losses and support tickets low. If you’re wondering when you’ve outgrown your current processor, we outline the telltale signs and how to plan a migration that is modular, phased, and invisible to your merchants.Omnichannel is also a major focus. We break down card-present choices like Tap to Pay, offline-capable devices for field service, and cloud APIs for always-connected point of sale - all while tying in text-to-pay, QR codes, wallets, and ACH via open banking. Beyond lending, we also highlight high-impact add-ons: instant payouts, network tokenization, invoicing, and loyalty programs that raise approval rates, reduce churn, and boost margin. And we look ahead at what’s next: stablecoins for cross-border efficiency, open banking data for smoother experiences, and agent-driven discovery that transforms how buyers find and pay for products.

Growth shouldn’t stall at the border. We sit down with Peter Dougherty, President of Spreedly, to unpack how an open payments platform helps global brands launch faster, reduce vendor risk, and optimize authorization rates without ripping out their stack. Peter traces the evolution from card‑centric orchestration to a broader layer that now includes tokenization, a secure token vault, fraud and KYC options, and connections to multiple processors and alternative payment methods. The takeaway: best‑of‑breed no longer means complexity and long timelines - it means resilience, data‑driven choices, and faster expansion.Peter also looks ahead to a future where agents become the front end of commerce. Discovery, selection, and purchase compress into milliseconds, and payments infrastructure has to keep up. We dig into how mandates, consent, and spending limits will work when agents transact on our behalf; how liability flows when something goes wrong; and why token management becomes the backbone for secure, delegated payments. He shares why platforms that can safely feed agents with PCI‑sensitive data will win as volumes surge across regions and rails.We ground the hype in reality too. Payments is the fastest moving oil tanker - innovation is constant, but adoption takes time. EMV took decades; stablecoins still trail cards and the fastest‑growing APMs. For leaders, the smart move is to build behind an abstraction layer that lets you A/B test processors, adopt new methods, and swap tools without disruption. If you’re pushing into new markets or preparing for agentic commerce, this conversation will help you rethink checkout, time to market, and resilience at scale. 

Subscriptions aren’t enough anymore. We dig into why the next wave of software winners are building full commerce platforms where payments are invisible to users yet central to growth. With NMI’s CMO Peter Galvin and Product Director of Developer Experience, Luis Peña, we unpack how vertical SaaS turns checkout into a native, on-brand experience that drives revenue, cuts churn, and opens the door to embedded finance.We start with the big shift: horizontal tools are giving way to vertical platforms that automate every workflow and own the moment of payment. From dentist offices to gyms and home services, merchants want one system that books, bills, and gets them paid. Peter explains how integrated payments changes the business model - subscription fees plus payments monetization and new fintech lines like working capital - while strengthening loyalty through a consistent, secure merchant and consumer experience.Luis takes us into the build. He shares a practical roadmap for developer-friendly adoption: onboard merchants within your app, collect card data with tokenization and design for webhooks, and exception paths from day one. We talk sandboxes, test suites that simulate real failure modes, and AI-friendly docs that make it easier for modern teams to ship quickly without cutting corners. Then we zoom out to the data advantage - interchange optimization, card mix insights, network tokenization, and benchmarking that inform pricing, conversion, and cross-sell strategies.The takeaway is simple: treat payments as a growth engine, not a bolt-on. When software controls the workflow and the commerce flow, the product becomes stickier, the economics improve, and customers stop thinking about payments at all.