Today, we are diving into Part 2 of my analysis on the implications of the Trump administration’s recent Executive Order. If you missed Part 1, you can catch up here: Fedwire for Fintechs: Opportunities.. Let’s cut to the chase and look at the real-world strategy, the economics, and the top three services that I see as impacted by expanded access.
I want to break down what the May 19, 2026 Executive Order on financial technology actually means for our industry. If you are looking for a basic textbook explanation of Fedwire or the National Settlement Service (NSS), you will not find it here. See my blog Settlement – Core of Banking for how the plumbing works. Today, I’m on what this EO means for Fintechs, with a discussion on the operational constraints likely to occur.
The day after the President signed the executive order, the Federal Reserve Board dropped a formal proposal to establish a special-purpose “Payment Account”. This is a streamlined, payments-only account category designed to bypass the traditional Master Account bottleneck. Under the new framework, the Fed is promising a 90-day review timeline for Tier 2 and Tier 3 non-bank applicants.
This sounds like a massive win, but as we look at the fine print, the operational reality is a lot more complicated. Here is my breakdown of the core opportunities, the constraints, and the economic hurdles you need to consider.
Continue readingThe best lever of economic margin for investors to track is power to price. In classical economics, pricing power is not merely a reflection of market share, but rather the capacity of an economic actor to minimize transaction costs while maintaining strategic control over data, risk, and user experience. Historically, eCommerce has operated under a macroeconomic paradigm where merchants absorb the operational and financial frictions of the conversion funnel, while payment networks and processors leverage their scale to price security, identity, VAS and settlement infrastructure.
Continue readingIt has taken two weeks, but I’m finally 20% through processing Stripe Sessions 2026 (my first). I’ll say it plainly: I was absolutely blown away by the energy, the talent, the ambition, and frankly, the sheer scale of what Stripe is building. My only real complaint? The rooms needed to be bigger. A lot bigger.
Continue reading© Starpoint LLP, 2026. No part of this site, blog.starpointllp.com, may be reproduced or retransmitted, in whole or in part, in any manner without the permission of the copyright owner. Also, see our Legal/Disclaimer (this is a highly opinionated and partially informed blog). Enterprise readers, please consider an Enterprise Subscription (not required for Starpoint Clients).
I’m fortunate to chat with a diversity of large payment network stakeholders. As most of you know, I view the challenge in payments more from a political/incentive viewpoint than a technical one. The alphabet soup of new standards is hard to keep up with, but be assured that each one has a proponent (who benefits) and a group of resistors. Innovation in a network is hard, as existing stakeholders have built assets and competitive positions based upon how things work today. Today’s blog covers DPCs. DPCs may not be the biggest threat, but they are the newest. I’m not going to attempt a deep tech dive into DPCs; my effort is focused more on the challenges faced by any new payment innovation to gain traction and scale. Network effects are hard to beat!
Why read this blog? My readers know I view identity and authentication as part of the core “bundle” of payments, and Visa/MA are the de facto identity infrastructure of the internet because they unlock the power of banks (ie KYC) within a commercial framework with active governance. Today we are breaking down the latest “threat”: Digital Payment Credentials (DPCs) within Agentic(ie Gemini, GPay). The quick summary is that DPCs are an amazing technical innovation without a commercial framework or active governance, and thus will be challenged to operate separately from established networks (just like Stablecoins). This 23 page monster blog is a breakdown of the politics and the tech.
When I wrote Stablecoin Rewards’s Last Hope – The CLARITY Act in February, the Senate was deadlocked, Coinbase had just walked out of the markup, and the White House was scrambling to hold a fragile coalition together. The central question was whether the Alsobrooks Compromise — activity-based rewards in, idle yield out — could survive the banking lobby long enough to reach a floor vote.
Continue readingThis should be a 20 page blog… but I don’t have time this week. Big picture thoughts
The April 28, 2026 announcement of Google’s donation of the Agent Payments Protocol (AP2) to the FIDO Alliance signals Google’s desire to move payments from the legacy Device Primary Account Number (DPAN) model to the Digital Payment Credential (DPC) mandate framework. For identity and payment experts, this shift represents more than a technical update; it is an effort to commoditize the proprietary trust moats built by card networks and Apple through a standardized, platform-agnostic infrastructure.
© Starpoint LLP, 2026. No part of this site, blog.starpointllp.com, may be reproduced or retransmitted, in whole or in part, in any manner without the permission of the copyright owner. Also, see our Legal/Disclaimer(this is a highly opinionated and partially informed blog). Enterprise readers, please consider an Enterprise Subscription(not required for Starpoint Clients).
Continue readingYesterday Google donated AP2 to the FIDO Alliance , let me share my thoughts on what this means.
A follow on blog to my Intent data post yesterday. Where intent is needed for authorization, measurement is needed by every “specialist” participating in an agentic interaction. As background I was founder/CEO of Commerce Signals, focused on measurement and card transaction data. Measurement is a powerful business. In fact, I would say Google started out as a measurement company with the PageRank algorithm. By keeping track of what users clicked on which link for which search word, they created the directory of the internet. Let’s dig a little deeper into why measurement is key in agentic, and for all federated models.
Google is not building a monolithic “central brain” to disintermediate the ecosystem. Instead, as discussed in my UCP Blog (also see Ask Macy’s Case Study), they are fostering a world of specialist collaborative models that interact across three specific technical layers:
Continue readingWhile the industry recognizes that agentic commerce is reshaping payments, the more immediate technical friction lies in how it re-engineers data sharing. We are moving past the “top-of-funnel” coordination of inventory and pricing seen in protocols like UCP/MCP, entering the more contentious territory of AP2/ACP to coordinate trust and payment.
As I’ve noted in Strategic Innovation Era, we are seeing a “Retailer First” surge. Successes like Walmart’s Sparky and Amazon’s Rufus prove that retailers are intent on controlling their own data and checkout environments.
However, external collaboration is mandatory for scale. I remain a proponent of Google’s approach: rather than a monolithic LLM, they are building a world of specialist model partnerships. But collaboration requires data exchange—the primary point of friction in this stage of strategic innovation.
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