Reflections on the WFE's MIC Programme

What is your role, and why did you decide that undertaking the WFE Market Infrastructure Certificate programme would be beneficial to you?

With 20-plus years working at the intersection of technology, operations and transformation strategies within the payments industry, I have successfully executed payment infrastructure programs which transformed 24/7 money movement operations in real-time. I have worked at Citi Bank since October 2022. Before joining Citi, I spent 14 years managing and transforming national payment infrastructure in various capacities. These include designing and implementing the first ISO 20022 faster payment network in Sub-Saharan Africa.

In 2021, I published an article titled “A Playbook for Payment Modernisation.” I discussed critical success factors for designing a fit-for-purpose national payment infrastructure. The feedback received 12 months after the publication included the need to re-examine the applicability of the playbook for a converged national payment infrastructure that will entirely rely on emerging technologies such as distributed ledger technology (DLT).

Out of curiosity, I discovered the WFE market infrastructure programme with course content that provides insights into drivers for next-generation payment systems and a platform to connect with industry experts with special interests in market infrastructures. The payment innovation module of the course helps to unpack the influence of emerging technologies (including tokenisation and DLT) on next-generation cross-border payments, clearing and settlement mechanisms.

Talk us through some personal highlights from the programme, and which sessions did you find particularly useful?

The programme took a deep dive into national and regional payment schemes and how they continue to evolve in response to emerging business models and regulatory compliance requirements. It provided academic and industrial insights on the changing regulatory landscape, emerging technologies and new market entrants that would shape next-generation market infrastructure.

The most impactful session for me was the payment market infrastructure module. It provided an experiential learning experience to advance discussions on domestic and cross-border payment innovations. Having successfully delivered enterprise-wide solutions and strategic projects to support post-trade activities – clearing and settlement – other programme modules were essential to understand the future direction of the interplay between trade and post-trade innovations leveraging tokenisation, DLT and unified ledger propositions.

How have you utilised your learning in the work you do at your organisation?

Working with one of the leading global firms in financial services requires you to innovate, un-learn and re-learn consistently to stay ahead of innovations and competition.

As a participant of the 2024 cohort, learning outcomes from industry experts, including visiting the Chicago Board Options Exchange, a fireside chat with the OCC CEO and other industry veterans held at the Federal Reserve Bank of Chicago, contributed significantly to my knowledge base and industry practice.

Undoubtedly, next-generation payment market infrastructure capabilities for cross-border payment and trade services will continue to shape the financial services landscape. These are my essential takeaways for improving my job performance.

What was the topic of your industry project, why did you choose it and what were your main conclusions?

I examined critical success factors required to implement a Unified Ledger (Permissioned Blockchain Technology) for the African Continental Free Trade Area (AfCFTA) Payment, Clearing and Settlement Services. Based on various industry initiatives and ongoing proof-of-concepts led by the Bank for International Settlements, the future of faster cross-border payments and trade will be defined by many compelling factors, including the permissibility of non-bank regulated entities, technology innovation adoption such as DLT and tokenisation, and the interoperability of the existing monetary system with a new generation of market infrastructure.

How beneficial were the two residential weeks: the academic week in London and the practitioner week in Chicago?

The two residential weeks in London and Chicago gave me experiential learning in my core and non-core areas of expertise. They also provided networking and a knowledge exchange platform, allowing me to meet industry practitioners from the Bank of England, Cboe Global Markets, CME, OCC and other leading professionals at the Federal Reserve Bank of Chicago reception. It was a delight to walk this journey with professional colleagues who participated in the programme and across different contents. It has given me the leverage to expand my professional network.

For more information on the WFE Market Infrastructure Certificate, and to apply, please click here: https://www.world-exchanges.org/education/mic.