April 13, 2021 @ 6:00 pm – 7:30 pm
Virtual (Zoom)

Naked Interchange:
Exposing the Problem of Value Transfer

A Paymentgal Conversation in Partnership with NYPAY


Tuesday, April 13, 2021

Zoom Meeting


Interchange represents the primary method our industry has of quantifying the value transfer between issuers and acquirers. In this two-part series, we are going to uncover interchange and explore its problems and solutions through the point of view of panelists who represent the primary value chain of the traditional, four-party model.

In this first session, panelists will consider the “problem” of interchange. Has interchange become a rent-gathering mechanism whose original purpose is no longer valid or does the model stand the test of time? Does interchange act as a dam to hold back the rest of the market? Should the card networks, or any intermediary, act as the sole arbitrator of what constitutes value transfer?

This is a conversation you won’t want to miss, as industry experts debate and discuss the complexities of a system that is ripe for disruption.

With special thanks to annual sponsor:




Moderated by
Patricia Hewitt aka Paymentgal
Owner, PG Research & Advisory Services, LLC


Patricia (Patti) Hewitt is a widely recognized payments expert, trainer, and strategic advisor to the financial services industry. Her entire professional career, spanning 40 years, has been devoted to the payments industry. She has worked extensively with companies and organizations across the market’s value chain from global card networks to emerging technology entrepreneurs.
Her proven ability to put change into context, where she provides expert consulting, training, and project-based services in areas including market transformation, change management, competitive positioning, vendor selection due diligence, as well as implementing or converting products, services and technologies.
Her professional experience includes holding executive positions at SunTrust Bank (formerly Sun Bank), PaySys International, and Fiserv in addition to serving as Vice President and Managing Director of Consulting Services for Mercator Advisory Group where she built its Debit Advisory Service and as a partner, was responsible for all custom research and global consulting work for the firm.

The Panelists

Jon Prendergast

Jon Prendergast

Senior Vice President, SVP Head of US Payments Strategy , TD Bank

Jon has more than 20 years of experience in various payments, card and research, and development roles. He has been responsible for major payments product launches, managed research and competitive intelligence functions, and led the development of industry-first card technology. Prior to joining TD, Jon worked at Citibank where he launched CitiPay, the first proprietary bank digital wallet in the U.S. Before Citibank, Jon was the Head of Competitive Intelligence, Consumer Products at Bank of America. In that role, he focused on branch comparison studies and ongoing competitor benchmarking. Prior to that, Jon worked in R&D developing the first customer-facing instant issuance kiosk to print out payment cards as well as health care payment systems. In 2007, one of his products won Payment Product of the year at the Payments Symposium in Las Vegas. While at Bank of America, Jon also held leadership positions in Credit, Portfolio Quality, Marketing and Research.
Jon started his career at MBNA as a Customer Service Representative (CSR) and believes speaking to 200 customers every day was the most influential learning experience of his career.

Dean Sheaffer

Dean Sheaffer

Executive Consultant Specializing in Payments, Compliance, Strategic Planning and Emerging FinTec

Dean brings over 30 years’ of executive level experience in payments, operations,
compliance and strategic planning with a focus on emerging technologies. Currently, he
is supporting client initiatives involving payments cost optimization; the launch of a new alternative (Buy Now Pay Later) payment system in the US; Payments Strategies and; development of a new monetary payment system for blockchain-based businesses.
Previously, Dean was Senior Vice President of Financial Services and Chief Compliance Officer for the country’s largest, privately-owned department store. Passion for the US payment system is part of Dean’s DNA – he has served in leadership roles for various industry and trade associations throughout his career. Dean is the inventor of two US patents directly related to payments.

Bob Steen

Bob Steen

CEO, Bridge Community Bank

Bridge Community Bank is headquartered in Mount Vernon, Iowa and has been in operation since 1903. Bridge Community Bank is an employee-owned organization working for East Central Iowa communities. Bob is an advocate for community banking in the United States and has dedicated his career to ensuring that community banks continue to be relevant in payments and have a voice in the process of innovation across the industry. His career includes time spent as a board member of NACHA and a steering committee member for RTP (Real-Time Payments). Currently, Bridge Community Bank has been selected by FedNow to be one of its pilot bank participants.

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