Trillions of dollars is spent on credit and debit cards every year in the US. These payments are all processed on one of the most expensive card processing networks in the world, costing merchants tens of billions of dollars. Account-to-account payments, otherwise known as pay-by-bank, is yet to take off in this country but it does have the potential to put some of these card processing dollars back in merchants' pockets.My next guest on the Fintech One-on-One podcast is Eric Shoykhet, the founder and CEO of Link Money. His company has built the infrastructure needed to bring scale to pay-by-bank in this country. After we recorded this conversation there were several big announcements in this space, so it looks like 2024 could be a big year for pay-by-bank.In this podcast you will learn:The founding story of Link Money.Why the US has the highest card processing costs in the world.How Link Money's pay-by-bank offering works.The data access partners they are using.Why this is not an established payment option in the US yet?The different components that Link Money needed to develop.The coverage they have of the total number of deposit accounts.How you get consumers to adopt this new payment method.Where this makes the most sense for potential merchants.How Eric looks at the competitive payments rails in the U.S.Why pay-by-bank will be part of digital wallets.The challenges Link Money needs to overcome to be successful.His vision for the future of retail payments.Connect with Eric on LinkedInConnect with Link Money on LinkedInConnect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes