Podcast Summary

Podcast: Fintech Insider Podcast by 11:FS
Episode: 1027 – Insights: Lights, camera, transactions! Engineering payments at a global scale with JP Morgan and Netflix
Date: January 8, 2026
Host: David Brea (11:FS CEO)
Guests: Tracy Birdsall (MD, Head of EMEA & APAC, JP Morgan Payments), Kristen Morrow Greven (VP, Head of Global Payments, Netflix)

Episode Overview

This episode dives deep into the invisible yet essential world of global payments infrastructure—how major players like JP Morgan and Netflix engineer reliable, scalable, and resilient payment systems that underpin billions of user experiences. The conversation reveals not just the technical challenges but also the operational, regulatory, and even cultural obstacles faced in delivering “blockbuster” payment reliability at a massive global scale.

Key Discussion Points & Insights

1. Personal Journeys into Payments

• Accidental Entries: Both Tracy (JP Morgan) and Kristen (Netflix) stumbled into payments unexpectedly, motivated by early experiences with technology and personal international payment frustrations.
  • Notable Quote:
    “I had absolutely zero intention of ever being in payments. Like it was by mistake. ... I followed the white rabbit and ended up in this reality of payment.” — Tracy ([03:40])
  • Kristen's hands-on struggles moving money between U.S. and German accounts led her to obsess over simplifying cross-border payments.

2. Global Payments: Complexity & Coordination

• Global-Local Synchronization:
  • “You have to be intensely local and then perfectly synchronized at the same time.” — Tracy ([08:01])
  • Example: For a live Netflix event like a heavyweight fight, JP Morgan handles a “tidal wave” of transactions in seconds—all with zero latency.
• Infrastructure Built for Adaptation:
  • JP Morgan’s systems adapt on the fly: “If we show a millisecond lag time in Frankfurt, our systems can reroute to Amsterdam before a customer can even feel it.” ([09:55])

3. The Subscription Model & Consumer Experience

• Netflix’s approach: Remove friction; let payments “just work” so users can focus on content, not billing issues. ([12:49])

  • “The payment relationship with the end consumer is ongoing. ... We want to resolve these issues and keep the viewing experience uninterrupted well before the customer even notices it.” — Kristen

• Localization challenge:

  • Netflix operates in 190+ countries, each with local payment methods and compliance needs. Some methods aren’t inherently compatible with subscriptions, so Netflix must partner with local schemes and regulators to “make it work.”
  • “Sometimes those locally preferred payment methods are not ones that work really great in a subscription model.” — Kristen ([15:37])

4. Scaling Infra: Reliability, Resiliency, and Predictive Design

• Scaling like a Blockbuster:
  • JP Morgan moves over $10 trillion daily, requiring both scale and anticipation of “spikes.”
  • “Opening weekend happens every single day.” — Tracy ([20:31])
  • Tech budget: $18 billion annually, much invested in “predictive grids” using AI and machine learning to forecast and manage load.
• Crisis Preparedness:
  • JP Morgan “rehearses for chaos” with full-scale simulations (e.g., market crash, Black Friday) to make crisis response “muscle memory.” ([22:38])

5. Culture as an Enabler of Resilience

• Netflix emphasizes “freedom and responsibility,” empowering team members with autonomy and accountability:
  • “We don’t operate in silos; we see ourselves as a single unified crew working toward the same end goal.” — Kristen ([24:36])
  • Both leaders link operational excellence to a strong people-oriented culture.

6. Technological Deep Dive: Engineering for Unimaginable Scale

• Cascading/Interconnected Risks:
  • Synchronization risk (payments clearing in one place, stuck in another), intelligence risk (fraud algorithms misfiring across regions), and adaptation risk (local market behaviors).
  • “We have a principle at JP Morgan that’s about global coherence but local autonomy. ... We decouple to survive, with architecture built in those regional pods.” — Tracy ([32:06])
• Operational Resilience at Netflix:
  • Redundancy by integrating with at least three payment processors per region.
  • Tailored regional payment mixes for flexibility.
  • Subscription model allows “grace periods” if a payment fails during live content, letting users watch while retrying charges later ([33:16]).

7. Constant Evolution: Changing the Tires at Full Speed

• Continuous Innovation:

  • JP Morgan adapts and tests new technologies (AI, ISO standards) in walled-off environments before deploying at scale.
  • “We’re quietly rehearsing in the background, the next act in terms of emerging technologies.” — Tracy ([36:10])

• Fraudsters as Adversaries:

  • “Fraudsters are known to be very innovative... you have to continually stay ahead of that curve.” — David ([38:35])

• Culture of Experimentation:

  • Netflix’s and JP Morgan’s teams actively “simulate what we can’t even imagine failing” ([39:38]), akin to movie crews rehearsing for every weather and equipment failure.

8. Strategic Leverage: Treasury as an Edge

• Netflix uses “layered FX hedging” to smooth out currency volatility, making treasury “a strategic lever, not just a back office support.” ([41:23])

  • “Payments teams also need to be very strategy, forward-looking. ... It’s not just about being a robust platform, but always monitoring, adapting, innovating.” — Kristen

• JP Morgan’s take: Hedging provides “optionality and margin resilience, instead of locking everything down” ([42:20]).

9. The Future: Embedded & Interactive Commerce

• The next frontier includes “shoppable interactive ads,” voice payment, and remote-based checkouts—embedding payment flows directly into entertainment experiences.
  • “It’s the lesson of removing those steps between inspiration and transaction.” — Tracy ([44:27])
  • “I’m definitely going to be spending a lot of my own money on those ads.” — Kristen jokes ([45:35])

Memorable Quotes & Moments

| Timestamp | Speaker | Quote | |-----------|---------|-------| | 03:40 | Tracy | "I had absolutely zero intention of ever being in payments ... I followed the white rabbit." | | 08:01 | Tracy | "You have to be intensely local and then perfectly synchronized at the same time." | | 12:49 | Kristen | “The payment relationship with the end consumer is ongoing...” | | 20:31 | Tracy | “Opening weekend happens every single day. ... Every day JP Morgan is moving $10 trillion in transactions.” | | 24:36 | Kristen | "We don't operate in silos ... we see ourselves as a unified crew." | | 32:00 | Tracy | "Decouple to survive ... architecture built in those regional pods." | | 36:10 | Tracy | “We’re quietly rehearsing in the background, the next act... in terms of emerging technologies.” | | 41:23 | Kristen | “We need to be incredibly agile and adaptable... anticipate regulatory changes...work closely with partners.” | | 44:27 | Tracy | “It’s the lesson of removing those steps between being inspired... directly to the transaction.” |

Important Segment Timestamps

• [00:14–07:28]: Introductions, personal stories, how guests found their way into payments
• [07:28–12:49]: Global payments complexity, synchronization, real-time routing for live events
• [12:49–17:02]: Netflix’s subscription model and ongoing payment relationship
• [17:02–20:24]: Scaling payments for new business models (ad-supported, physical, live events)
• [20:24–26:58]: Handling scale, resiliency, and reliability (including rehearsing for chaos)
• [26:58–32:00]: Culture, collaboration, and cross-functional teams at Netflix and JP Morgan
• [32:00–36:10]: Technological and operational risk at scale, adaptive systems
• [36:10–40:23]: Continuous innovation, AI, modular architecture, handling emerging fraud
• [41:23–44:27]: FX hedging, treasury as a strategic lever, staying agile
• [44:27–47:06]: The future of embedded payments (shoppable ads), personalized commerce
• [47:06–48:38]: Advice to fintech/payment teams, future Netflix releases

Advice for Fintech Leaders

• Tracy (JP Morgan):

  • “Frictionless until the point of desire ... the real frontier is making payments to a certain extent disappear and then all that's left is the value that's delivered and then settled at the end.” ([46:18])

• Kristen (Netflix):

  • “Treat their payments function not just as a technical team, but as a core part of the customer experience. ... Collaborate, share context, and solve for the member first, not just the metric.” ([47:06])

The Next Wave

• Netflix and JP Morgan are pushing toward payment experiences so seamless they “disappear,” with personalization, operational intelligence, and adaptability built into the core.
• As live events, global commerce, and interactive offerings grow, the infrastructure must keep pace—requiring not just technology, but resilient organizations and empowered teams.

Closing Notes & Pop Culture Favourites

• Excitement for Netflix’s 2026 slate: Avatar: The Last Airbender (Tracy), Greta Gerwig’s Chronicles of Narnia (Kristen), new seasons of Stranger Things (David).

For further insights, connect with the panelists on LinkedIn or at industry conferences.

End of summary