Episode 1 of Money Movement Matters features Matt Friend, Managing Director at JPMorgan Chase, in a conversation about how payments are evolving while still anchored in core principles of safety, trust, and customer experience. Drawing on his career that began with the U.S. Treasury, Matt reflects on the industry’s progress from checks to ACH to today’s modern rails and explains why innovation must always be balanced with stability.

A highlight of the episode is the recent Fedwire upgrade to ISO 20022, which Matt describes as a seamless but monumental change to the language of moving money across the U.S. financial system. While newer rails like Fedwire and RTP are adopting modern standards, ACH remains a complex and deeply entrenched system. Both Matt and Booshan note that any migration would be massive and raise the question of whether it would be better to enhance ACH incrementally or gradually shift to alternative rails.

Instant payments emerge as a powerful example of innovation meeting customer demand. From instantly funding brokerage accounts to transferring money between digital wallets, Matt highlights how “me-to-me” use cases are fueling adoption where traditional methods fall short. Yet trust and ease of use remain essential, especially as consumers adapt to new behaviors and as banks work to provide familiar, branded experiences that instill confidence.

Looking to the future, Matt emphasizes the role of AI in fraud prevention, transaction enrichment, and customer service, while also pointing to the potential of stablecoins and the continued importance of thoughtful regulation. His advice for those entering the industry is to be patient, start with the fundamentals of how money moves, and build an appreciation for the unseen complexity that makes modern payments look simple on the surface
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