Michael Cottrell — Next-Gen Clearing and Settlement

Forces in Fintech

For consumers, making a purchase is simple, but behind the scenes, payment processing depends on a complex system of operations between banks and merchants. There must be a methodical, traceable trail connecting transactions to card issuers, consumer bank accounts and businesses. In order to juggle the task of processing and recording billions of dollars’ worth of transactions, how can payment processors create a streamlined network that will assure smooth and efficient payment experiences?

In this episode of Forces in Fintech, we’ll learn more about the technology that manages all these moving parts to make transaction processes seamless. We speak with REPAY’s SVP of Clearing and Settlement, Michael Cottrell, to understand the communication that occurs during each step of the clearing and settlement process. He’ll also tell us about the modernization of the tech stack that is expanding data collection and risk management capabilities for payment transactions.

We’ll also find out:

(1:26) – How did Michael begin his career in payment processing, and what led him to REPAY?

(2:21) – What is the REPAY Clearing and Settlement platform and what is its role in payment processing?

(3:59) – What differentiates REPAY’s in-house Clearing and Settlement process from competitors?

(5:12) – Who are REPAY’s RCS clients and target audiences?

(8:58) – How is this innovative process being received in the sales process?

(10:24) – What are Michael's thoughts and opinions on Payfac (or payment facilitator) as a service, and those that offer the service?

(12:41) – How does Michael see the future of the payments industry evolving?