April 20, 2021 @ 6:00 pm – 7:30 pm
Virtual (Zoom)

Naked Interchange:
Re-Dressing the Concept of Value Transfer

A Paymentgal Conversation in Partnership with NYPAY


Tuesday, April 20, 2021

Zoom Meeting


In the second session of a two part series, panelists will consider how to potentially solve the problem of interchange.  Is it possible to replace interchange with some other form of value transfer?  Can fintech, AI, and machine learning enable a more transparent form of interchange or will more technology just add more complexity?   Should we continue to rely on regulators and courts to have the final say?  How do issuers confront their reliance on interchange fees to fund card programs?   This conversation will focus on what a new interchange model could look like or what kind of model might replace it.  We’ll take a thoughtful look at how the market is evolving and what that means for interchange in the future.

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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