TSG – Tuesday, May 26, 2026 – The Executive Interview Series provides readers with exclusive insights from movers and shakers in the payments industry. The payments industry is under continuous transformation. This series offers diverse perspectives on everything from strategy to payments technology and the industry’s future.

 

In this interview between Holli Targan, TSG Strategic Advisor, and TSG’s Morgan Murphy, Holli reflects on four decades at the intersection of law, regulation, and payments to unpack the industry’s most significant transformations and most enduring constraints. Drawing on her experience as a payments attorney, advisor, and industry leader, she dives into leadership, innovation, and compliance within payments.

 

 

You’ve spent 40 years at the intersection of law and payments. What is the biggest transformation you’ve witnessed in the industry over that span, and is there anything that has stayed surprisingly constant?

 

 

The biggest transformation is the ubiquity and accessibility of electronic payments: no surprise there. The innovators in the payments ecosystem have made their business and products widely available down to the granular level. Now revenue is generated from individuals touching the screen of the powerful computer carried with them everywhere — a/k/a their phones. Brilliant.

 

What is consistently surprising is that the payment rails in existence 40 years ago continue to carry the bulk of transactions. I have witnessed and advised over the years numerous companies who attempted to build a better mousetrap.  So far it has not been done. Although from the front end an innovation may look like something totally new, the vast majority of transactions end up wending their way to the long-standing card and ACH networks.

 

 

As a founder and past president of PayTech Women, you’ve played a meaningful role in shaping talent development and leadership in the industry. Where have you seen the most tangible progress, and where do structural gaps still persist?

 

 

Women are now more interwoven into the fabric of the payments industry. Studies prove that companies that do not facilitate women’s careers fall behind in leadership and revenue opportunities. Many businesses recognize this and actively provide women with more support and training.

 

While promoting women has been an intentional goal of many organizations, there is still so much to do. Reports show that women continue to suffer from the “broken rung” of the advancement trajectory, meaning that while there are many women in the bottom tiers, fewer women make it beyond middle management to the C suite. Company sponsorship of PTW and intentional corporate programs that provide support to women who want to rise up afford critical resources to overcome such barriers.