About 10 years ago, a pretty famous venture capitalist put forth the theory that software is going to eat the world. I think we can see now the truth of that statement. And what we're also seeing is payments are eating the world next.

As we think about the offerings we have for clients who want to become an integrated payments provider, we have a lot of different things for people to choose from. On the most advanced and complex of all of those offerings is becoming a payment facilitator. And the reasons that clients embark on that journey are the ability to really maximize the economics they're going to see out of their payment offering, the ability to have complete control over their payment stack end to end, to build a set of diverse financial services products embedded within their tech, and lastly, they're increasing enterprise value. If you're thinking about a partner who can help you navigate all of the challenges necessary to achieve those goals, these are the kinds of conversations we are having with our clients every single day.

Payment facilitators for us aren't just a source of revenue, they are helping us on our mission to serve small businesses with financial services embedded in world-class technology. When we think about what a small business really needs and how a payment facilitator client of ours can benefit from our solutions to serve their clients, a lot of it revolves around moving money quickly. JP Morgan Chase was one of the leaders in real-time payments, but we offer a suite of solutions that help our clients pay their customers as fast as possible while maintaining control.

Control of funding is really key to the payment facilitator model. Everybody who works with a small business knows that cash flow is a key consideration. And if you're offering your own payment solution to SMB clients in the United States, you need to be able to think about how quickly they can get their money. Next day funding isn't fast enough in many cases. How do you do that if you're going to want to keep control of the funding? If you're going to want to have money flow through accounts that you have control over?

Since JP Morgan that has both its own treasury platform and its own merchant platform, completely owned and fully integrated, we're able to work with our clients on really creative and forward-thinking ways to ensure that they can support faster funding while still controlling the money movement.