Exhibit 2007
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`Exhibit 2007
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`7/29/2020
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`Zelle founder Paul Finch to step down | American Banker
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`Zelle founder Paul Finch to step down
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`By Penny Crosman
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`May 17, 2018, 2:07 p.m. EDT
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`Paul Finch, the CEO of Early Warning Services, which launched the Zelle person-to-person
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`payment network last year, said Thursday he will step down from the company next year.
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`Finch, 55, said in an interview that he’s been with the company for 28 years and has been
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`working close to nonstop.
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`“A little rest would not be a bad thing,” he said. He said he plans to spend some time working at
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`the Finch family Foundation, a nonprofit organization in Phoenix that serves children and families
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`in need.
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`“As you can imagine, it was a difficult decision, but we’re at a good spot to do this, though there’s
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`no perfect time,” Finch said. “Externally it looks like we’re right in the middle of the Zelle
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`phenomenon. The reality is the company has been making great progress, it’s well established in
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`the fraud and risk space, and even with Zelle, the P2P business case is doing well.”
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`7/29/2020
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`Zelle founder Paul Finch to step down | American Banker
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`More than $75 billion worth of payments were made on the Zelle network in 2017, and more than
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`247 million payments were processed. Ninety financial institutions have joined the network and
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`95 million consumers have access to it through a mobile banking app.
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`Finch suggested Early Warning is planning to pursue some new things over the next few years, so
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`“having someone in at the beginning of that process, rather than trying to take over midstream,
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`was going to be better for this business,” he said. “That’s how I chose this timing.”
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`For the next 12 months, he will help the company with the transition to a new CEO.
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`Bankers involved with Early Warning and Zelle praised Finch’s leadership skills.
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`“Paul is a wonderful human being; he cares deeply about the people he leads at EWS,” said Bill
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`Wallace, head of digital for JPMorgan Chase and chairman of Early Warning’s board. “In the 15
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`years he’s been CEO of EWS, he has helped the financial services industry make great strides in
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`areas like risk, authentication and development and deployment of real-time P2P capability. He
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`7/29/2020
`Zelle founder Paul Finch to step down | American Banker
`is a man of his word, he is somebody I’ve come to appreciate as a leader. I think his team
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`respects him highly.”
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`Mark Monaco, head of enterprise payments at Bank of America, said Finch "led the organization
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`through the development of Zelle and deserves a lot of credit for that."
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`"He has a great ability to have a vision about where payments and financial services is going, as
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`well as the ability to work collaboratively with bank members. It’s been a pleasure working with
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`him," Monaco said.
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`Bank of America has seen a 100% increase in Zelle transactions year over year.
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`“It’s an incredible example of banks working together to launch something new,” Monaco said.
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`Early Warning runs bank consortia for risk and security as well as for Zelle. Getting leaders at
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`banks of different sizes to agree on a single way of doing things can have its challenges. For
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`instance, when it came time to determine what the user interface for Zelle would be, there were
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`many debates about what it should look like. Some of the big banks attempted to push their own
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`mobile banking interface, but Finch brought in an independent company to create a new one.
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`“The real trick is to recognize that the benefit of the community is better than that of any one
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`organization,” Finch said. “It surprised a lot of people when we had major banks give up brands,
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`give up look and feel, and commit to a set of operating rules that they have to operate
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`differently than they were before. They recognized it was that important.”
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`Wallace said that the CEO role is one that requires the ability to drive collaboration among
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`direct competitors. Finch, he said, has “done an excellent job of navigating some of those
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`challenges.”
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`The company has also had to shift, with the introduction of Zelle, from a B2B company to one
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`that serves consumers and handles their complaints.
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`7/29/2020
`Zelle founder Paul Finch to step down | American Banker
`“That’s not always an easy thing to do and Paul’s done a nice job with that,” Wallace said.
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`Early Warning started as a technology vendor aimed at eliminating fraud and risk in deposits. It
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`later broadened its scope to include technology for identity checks — it reviews the opening of
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`about 65% of all bank accounts in the U.S. It bought Finch’s company, Primary Payment Systems,
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`in 1990 and 10 years later asked him to be CEO.
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`Ironically for a company that prides itself on preventing fraud, Zelle was publicly criticized
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`recently for fraud some users have experienced, mostly through either taking payments for goods
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`that were never provided or losing money through social engineering.
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`“As in any network, fraud will occur,” Wallace said. The important thing, he said, is how the
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`network's rules are set up and how it helps facilitate proper resolution of fraud instances.
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`Finch said some of the press reports about fraud in Zelle were mischaracterizations.
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`“It’s unfortunate that those misperceptions made their way into the marketplace around Zelle,” he
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`said. “Is there fraud? Absolutely. Every payment system, whether physical or digital, has had and
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`continues to have fraud. There’s no way around it. Whenever a consumer is a victim of fraud, it
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`needs to be a top priority and Zelle is no exception, we have to continually improve in this area.”
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`He said the entire Zelle community is working to crack down on fraud.
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`In looking for a new CEO, Wallace said the Early Warning board will look for the same four
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`qualities it found in Finch: honest, transparent, direct and innovative. They’re also looking for
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`experience in payments, risk, identity, and authentication and “someone who can lead from a
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`fintech mindset,” Wallace said. “That entrepreneurship and the ability to innovate from a tech
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`perspective is an important and critical aspect of the next leader of the company.”
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`Some of the staff at Early Warning were part of Finch’s original company and have been there
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`nearly 30 years.
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`7/29/2020
`Zelle founder Paul Finch to step down | American Banker
`“If there’s anything that’s tough to do, it’s to leave behind some amazing people,” Finch said.
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`Penny Crosman Executive Editor, Technology at American Banker and Arizent, American Banker
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`P-to-P payments
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`Zelle
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`Early Warning
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`JPMorgan Chase
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`Bank of America
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`T R E N D I N G
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`A U T H E N T I C A T I O N
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