Diane Faro, CEO of Savify – Payments & FinTech trailblazer and industry icon. Our special series featuring; Women of Impact.

Speaker 3: 00:00:01

You're listening to Bridges to Excellence. Inspired leadership in payments and FinTech.

Speaker: 00:00:12

So we know in today's market, it's no longer acceptable to just provide payment services. We have to do more to bring in loyalty and retention to these businesses. We have to look at inventory opportunities. We have to look at cost savings, possibly marketing services. A lot goes into operating a business. to opening a business, to owning a business. And the FinTech space needs to be part of that. That's where Savify comes in. Welcome to Bridges to Excellence podcast, inspired leadership in payments and fintech, bringing you conversations with payments, most fascinating people on top of their game, leaders, influencers, experts, and innovators. Each weekly episode turns our guests wisdom into practical advice. Their personal journey starts now. are meant to inspire and challenge you to explore your possibilities. Here is your host, Desmond Nicholson.

Desmond Nicholson: 00:01:15

Our special guests on this week's episode, I'm talking to payments, fintech, trailblazer, and industry icon, Diane Faro, the CEO of Savify Diane Faro's illustrious journey in the financial services industry spans over five transformative decades marked by her exceptional leadership. and strategic vision. Her story is one of perseverance, innovation, and unyielding commitment to excellence. As the former CEO of JetPay Corporation, a leading payment processing and payroll company, Diane played a pivotal role in the company's growth over the years. Her strategic guidance expanded JetPay's footprint to 5 key locations in the United States, culminating in the landmark acquisition by NCR Corporation in 2018, which solidified NCR's position as a global leader in Point of Sale software for retail and hospitality sectors. Diane's career prior to JetPay was unique. Equally distinguished, she served as president and partner of National Benefit Programs, fostering brand loyalty for businesses. From 2005 to 2009, as president of global merchant services at First Data, she oversaw an impressive $1 billion in annual revenues. Her leadership roles also included Alliance Group President for First Data Merchant Services and CEO of Chase Merchant Services, where she achieved significant milestones Beyond her corporate achievements Diane's influence extends through her involvement with major industry institutions. She has held advisory roles with Visa and MasterCard and served as past president of the Electronic Transactions Association Diane is also dedicated to nurturing leadership talent, especially among women. As co-founder of Women Networking in Electronic Transactions, now PayTech Women, she has championed networking and growth opportunities for women in the payments industry, her numerous awards, including induction in the 2018 Electronic Transactions Association Hall of Fame, and the Women in Payments Distinguished Professional Award, highlight her profound impact on the industry. Diane's legacy is one of strategic brilliance, revenue growth, and inspirational leadership, a beacon of success and empowerment for all who follow in her footsteps. However, having said that, who is Dianne Faro really? to find out, join us on the inside. Enjoy the episode. Diane, thanks for us and welcome to the Bridges to Excellence.

Diane Faro: 00:04:24

Desmond, for having me. I enjoy this.

Desmond Nicholson: 00:04:27

First for our listeners, we're going to get much deeper into Savify and Diane's professional journey, for now, from a 30,000 foot level, Diane, what is Savify and what is your functional role there?

Diane Faro: 00:04:41

I'm CEO of Savify. we provide to small to mid sized businesses the opportunity to purchase goods or services at a discounted price. As I always like to look at it, being the small business, it's sometimes difficult. To get reduced pricing when you need goods or services for running your business. So we're a one stop shop where they have the ability to purchase the goods various goods and services with 75 leading retailers and service providers across the United States,

Desmond Nicholson: 00:05:18

Good. let's dive in and start by sharing your backstory, your early life, where you grew up what your life was like. Growing up.

Diane Faro: 00:05:30

I grew up in Chicago, Illinois. I grew up with, my parents being born, raised in Italy, coming to this country when they were teenagers and starting the life in Chicago. I had a fascinating childhood. very family focused, and, just a great opportunity for a child growing up with immigrant parents and learning a lot of the different cultures, that are different than we have in America today. So very interesting.

Desmond Nicholson: 00:06:04

Now, how and when did you get into payments? us through the highlights of your career progression and the respective functional roles.

Diane Faro: 00:06:14

it's interesting, starting my career, I was still in high school, and at that time, they had a work and, school program where you went to school in your senior year, part time, and worked part time. I went to work at First Chicago. And It was interesting, because I, again, picturing someone at 17, 18 years old, really knowing what they're going to do. They put me in this division called payments. And I started my career at a very young age, being a key punch operator for the, imprint slips and a lot of people aren't going to remember this, cause going back long, long time ago, but we would sit in front of a computer and key punch, at the time, I can't have to remember now, it was like 51 column inch papers for the oil companies and I think 80 inch for the retail community and literally you would have to key the card number, the merchant, number and the dollar amount. And that's how by keying that amount that was then transferred to the billing of the consumer.

Desmond Nicholson: 00:07:30

Wow.

Diane Faro: 00:07:31

So talk about errors. So that's how I started my career with First Chicago, who is now really JPMorgan Chase. First Chicago no longer exists. I left First Chicago, I decided I really liked the payments industry, but I, wanted to leave Chicago. I was, tired of the cold weather. and I decided I was going to move to Florida. And at the time, spending many years in Chicago, I then had a very young family and decided, Florida would be best, nice and warm. And I moved to Fort Lauderdale. I took a job with a company called Nabanco, stayed with Nabanco. They were acquired by First Financial Management Corporation, continued working, and then they were acquired by First Data Corporation. I was there for a long period of time, many different roles. but I, then left First Data in January of 2009. I It's been so long ago. I forget what time period, but had many different roles. I had, as you can imagine, through out my career in all those different companies being really two companies for Chicago and NaBanco, just through acquisitions,

Desmond Nicholson: 00:08:46

Now, NaBanco, what division were you working in?

Diane Faro: 00:08:50

So, NaBanco was strictly the merchant business. that's all we did was merchant processing. we are really in the top, five largest, processors in the United States, if you remember, and Desmond back then it was CES, it was Nabanco, NPC, all those names that were the big top, big names. merchant providers all competing for different areas within the merchant community. So, strictly merchant. at that time, I ran, the customer service division, along with relationship management. it was a very small company, when I joined, NaBanco. So, we just grew over time. and really when we were acquired by First Financial Management Corporation out of Atlanta, Georgia, that was like in 1987 and gave us the funds to do acquisitions. After that period of time, myself and the other executives, we did probably, oh, I can't even remember in the double digit acquisitions over a period of time, in growing Nabanco at that, and then it was 1995. First Data acquirers. First Data Corporation then acquired First Financial Management Corporation, the Nabanco Division,

Desmond Nicholson: 00:10:12

which was a 6. 7 billion dollar acquisition, which at that time launched First Data to be the premier number one

Diane Faro: 00:10:22

or was, well, first, First Data at the time acquired CES,

Desmond Nicholson: 00:10:27

Right.

Diane Faro: 00:10:27

and then I think it was a year later, they acquired Nabanco. And if you remember, they had to divest because they owned MoneyGram and Western Union. because they couldn't own the monopoly.

Desmond Nicholson: 00:10:42

And then interestingly enough, several years later, First Data did acquire Western Union. Right.

Diane Faro: 00:10:48

Yes. Isn't it? Full circle.

Desmond Nicholson: 00:10:51

Full circle Indeed. Okay. so you did your tenure, with, Chase Merchant Services as President and CEO and also in 2002 to 2005, Alliance Group President, 2005 through 2009. First Data President Global Merchant Services

Diane Faro: 00:11:12

So we, had, what I would call like joint ventures with the financial institutions, that during that period of time, financial institutions really didn't want to manage the merchant business. Okay. they outsourced it. And First Data became a partner in the merchant business. So let's say we, did a deal with Chase Manhattan bank at the time, again, because that it was Chase Manhattan bank. And we might, do a joint venture being 51, 49, not going along 51 or 49%, but we then First Data managed the entire merchant business on behalf of Chase. Manhattan Bank and First Data Corporation, because there is a vested interest in both parties.

Desmond Nicholson: 00:11:57

Right.

Diane Faro: 00:11:59

So back then First Data had an alliance, Wells Fargo, Wachovia Bank, PNC. There were many different, joint ventures that First Data, started with the financial institutions and managing their portfolio and owning a majority share in the portfolios.

Desmond Nicholson: 00:12:18

It's like the RSAs, Revenue Share Alliances

Diane Faro: 00:12:22

yes, right.

Desmond Nicholson: 00:12:23

Right.

Diane Faro: 00:12:24

A little bit different with the revenue share alliances. This was actually joint ventures. And so you would have, First Data had to manage their controlling interest. No different than the financial institution had to manage their controlling interest. So as, a group president, on First Data side, when I left the Chase Merchant Services, I then overseeing all the joint ventures to make sure we were managing. First Data's controlling interest.

Desmond Nicholson: 00:12:53

Now, fast forward 2016, you're now the CEO of JetPay Corporation. How did that appointment come about?

Diane Faro: 00:13:02

But I was on the board of JetPay Corporation in 2014. So I had joined as a board of director. and at the time there changes going on within the executive management of JetPay Corporation. And the board had asked me to step in as CEO. which I did in May of 2016, I took over as CEO of JetPay Corporation,

Desmond Nicholson: 00:13:31

Now it's 2018 and JetPay is looking for a buyer. What was your role and what did you do to position the company for sale, which was subsequently acquired by NCR somewhere about December of

Diane Faro: 00:13:48

18.

Desmond Nicholson: 00:13:51

when the deal was finally closed. Take us through that period. What was it like?

Diane Faro: 00:13:59

Interesting. so in January of 17, the board and I both agreed that was in the best interest to sell JetPay. the board of directors had, vested of control within JetPay corporation. and there were an opportunity. so let me go back a little bit. JetPay was a unique organization. JetPay had its own front end. front ends into all the card association, which is very unusual. And I think at the time in 2016, and even in 2018, there were only like 12 or 13 companies in the United States had direct connects to Visa, MasterCard, AmEx, Discover, and JetPay was one of them. So in presenting to the board is that this would be an opportune time. Because we are not a processor, we're not an ISO, we are really an acquirer directly connected to the association. Now we have, of course, we're not the acquirer, we have financial institution being our sponsor, but we have the direct connects and we have the platform, which made us unique. So in January of 18, We decided we were going to put the company up for sale and start looking, we hired, a private banker to help us with the, transaction. anybody selling a company, if you've ever been involved, it's not something that you do overnight. There's a lot of data that has to be collected. There's a lot of, which we call the, the book that goes out that tells you about the company. So in the first several months, it was more building the story and the financials, the history, what does JetPay have, what's the opportunity, and then really going out and meeting with various companies. So I'd say we probably met with around 35 different companies. We were on the road a lot. Myself, my Chief Financial Officer, my Chief, Technology Officer and my Business Development Officer, we were on the road really. pitching JetPay Corporation with the opportunities and it was interesting. It wasn't just people within payments. We were talking with people who provided the opportunity for consumers to accept payments, but they wanted to own their own back end They didn't want to use another middleman to invest in a transaction. So it was interesting the various companies that we talked with, but primarily a lot, as you can expect would be financial institutions, acquirers, processors that were interested in JetPay Corporation. So it was a long year. It was a long year of trying to keeping the business running, ensuring that the people, the employees of JetPay, really didn't know what was going on. We kept it more silent. we didn't want people. raising concern because we all know what happens when we feel the company's being sold and what's going to happen to me. So it was a lot it was a long year. I can say that, it turned out great, with NCR, we were very fortunate and NCR was, A great opportunity for JetPay and themselves, both. for JetPay, I was excited because the employees all stayed within the corporation. They're still there today. so it wasn't like we were acquiring somebody that was going to integrate into their current, book of business and people would be laid off. So, you couldn't wish for a more happier marriage than with NCR. And for NCR, what a great opportunity, thinking about they had the opportunity now to not only provide the software and hardware at the point of sale, and actually, integrate payments into that software and own it themselves versus delivering to another processor or acquirer.

Desmond Nicholson: 00:18:07

As the CEO of JetPay then, during the merger, you want to make sure that your employees are okay. What did you do to dispel any anxiety or mitigate their concerns?

Diane Faro: 00:18:21

Well, it's always difficult to do, You could say a lot of different things and people are always going to feel concerned. But as I sat down and we had many meetings with all the different locations, as you sit down and you talk with people and you explain that we have a corporation that wants to acquire JetPay that is not in the payment space. So we're the educators, we're the teachers. Think about it that way. That made people feel really good. Because they didn't. NCR really didn't know payments at the time. We're talking December of 18. so we were new. And we were an opportunity for NCR to grow in a different direction. An opportunity for the JetPay employees to teach the employees of NCR what payments is all about. So. I think from that perspective, people felt very good about themselves. They felt very good and we didn't lose employees. I have to tell you that you might've lost some salespeople because of course, salespeople sometimes, travel a little bit. But we really didn't, lose customer service and relationship management and IT and all the areas that we had, because people knew they were valued and they were needed by the new company that was acquiring us.

Desmond Nicholson: 00:19:50

Good. it's interesting to note that was during this period that some high stakes consolidations were taking place. had FISERV, FIS, some others. it was quite a turbulent times, put it that way.

Diane Faro: 00:20:07

It was, it truly was a lot of, I don't know if you call it disruption or, opportunities, but there's a lot going on in the industry. Absolutely. Good. let's switch gears for a moment and talk about Savify. It's May, 2023, you have now taken over as CEO of Savify while still maintaining a partnership interest. Who do you serve as customers in the payment fintech space? Well, it's, it is interesting. So my customers are the payment space. So my customers are ISOs, Processors, Acquirers, ISVs. I'm still supporting, so if you think about it this way, Desmond, I'm supporting the industry that's supporting the small to mid sized businesses. So I'm a value added service to those companies. I'm able to offer them an opportunity besides just accepting payments or other services that they're offering. I offer them the ability to say, Hey, Mr. Business, we care about you. We want to make sure that not only by providing you the best services within payments I want to provide you the services to operate your business. I want to help you reduce your operating expenses And that's what we do. So when we look at negotiating with these we have 75 National retailers and service providers in our company today that we've negotiated contractually with these companies to provide a discount on goods or services that these businesses cannot get online by themselves. and you create a buying power. The more you continue to purchase, the better your negotiation will be. when the contract comes up for term and you're negotiating with xyz retailer and why they need to reduce Their service discount even further.

Desmond Nicholson: 00:22:05

Great. with AI, just about everybody is trying to figure out the user case within their business. it appears Savify is already on the cutting edge with its AI assistant technology. Embedded within the platform. What are some of its features and functionality that brings value, not only to save Savify terms of data metrics analytics, but most importantly, how does it benefit the customer user experience and otherwise?

Diane Faro: 00:22:38

So when the user goes into the platform They can look vertically if they're looking for office supplies or they're looking for, travel information or they need to buy paper goods, or they need a computer or they need telephone services, whatever they're looking for, they can vertically go in there. They can key in business names to see if that's an acquired business within the platform. But what's great about their artificial intelligence, we've referred to as Annie. I love Annie. And they could say to Annie, I need, a computer. I'm looking for, an HP computer or Mac computer. And Annie will tell them exactly. Here's computers that you can look for. here's the, direct line to click into where you can get the discount based on the services that are provided by Savify. So they can go in there and talk to Annie and tell Annie What they're interested in purchasing, or if they're looking for a payroll services, it'll direct them into, and Annie might ask them how many employees you have within your company and direct them into what's possibly payroll company might be better for them, but allow them the opportunity to pick and choose. So we're excited. We just introduced the AI intelligence referred to as Annie in March of this year. And, it's, like with anything Desmond, it's new is, it's exciting, but you're right. The opportunity for the data collection and the analytics and what will continue to happen as they continue to use the AI just gives us more data and more information about these businesses and how we can support and help them.

Desmond Nicholson: 00:24:29

Well, quite robust, indeed. Beyond your corporate roles, you also contributed to some key industry institutions like the ETA, co founder of Women Network in Electronic Transactions, now Paytech Women, served as advisor board of Visa, MasterCard, and board positions at MerchantLink and Front Stream Payments. That's quite an impressive roster of industry titans. However, let's focus on these two associations for a moment. The ETA and Women Networking in Electronic Transaction Association. The ETA, you served on his board for roughly nine years also served as president between thousand four and two thousand five any standout accomplishment come to mind during your tenure as president that helped to shape the organization what it is today.

Diane Faro: 00:25:31

So it's a phenomenal organization. ETA. I, urge anybody in the payment space. They should be part of the Electronic Transactions Association, especially I'm a believer, if you want to be part of something and help change or grow something, you need to be part of it and not be on the sidelines. Doing nothing, right? ETA was a great opportunity for me personally and professionally. I've met a lot of friends that I have today because of ETA that I'm still friends with a lot of colleagues, a lot of respect for a lot of people in the industry. but ETA at the time, when you think about it, I think ETA was formed in 98, 97. It's in the 90s. I was a part of it. Because if anybody remembers the history of payments, a lot of the acquirers and processors were not fond of doing business with the ISOs back in the early 90s, mid 90s. that all changed because we all started saying, I remember saying to Nabanco, First Financial Management, we need to get into the ISO business. That is the next stepping stone of where we're going to acquire businesses because they had agents that feet on the street and they were out there selling. But anyways, but ETA was growing. So when I joined ETA, I think it was 98, you probably have my dates better than I do. in 98, we still needed to embrace ISOs.

Desmond Nicholson: 00:27:00

I couldn't hear her

Diane Faro: 00:27:04

as more of a financial institution,

Desmond Nicholson: 00:27:07

she said.

Diane Faro: 00:27:09

supporting or listening to what the ISOs wanted to do.

Desmond Nicholson: 00:27:14

with

Diane Faro: 00:27:15

important.

Desmond Nicholson: 00:27:16

I remember

Diane Faro: 00:27:18

working closely with a lot of ISOs, asking them to be board members,

Desmond Nicholson: 00:27:23

We worked together.

Diane Faro: 00:27:25

If you think we're not helping you, then you should be on the board and help us help you. And we did. So a lot of discussions were growing the board, not through having it all by the heavy hitters, the big, companies that were out there that were the processors that was also inviting a lot of the up and coming ISO organizations to join and be part of the decision making. And so that was a lot of

Desmond Nicholson: 00:27:56

Okay.

Diane Faro: 00:28:05

growing and bringing in, it wasn't during my tenure president, but on the executive board, we then decided to bring ETA in house cause it was outsourced. And it was run by an outside organization, which is great when you're young and starting, right? You don't have the funds you don't have, but now it's time to bring it in house. So the executive committee were part of interviewing, bringing on a new CEO. so we went through a lot in the time of my tenure of being on there is not only Bringing everything in house, finding a facility, which we picked in Washington and growing a staff, that, understood who ETA was and why ETA was so important to the payments industry. So I believe a lot of that during my timeframe with a lot of my colleagues and I worked to change. what the impression or the outlook of what ETA was at that time in the late nineties to where it is today. And it was again, fostering change that ETA is here to support the payments industry and the payments industry could be an agent, could be an ISO,

undefined: 00:29:20

could be an ISV, could be,

Diane Faro: 00:29:22

an acquirer, could be a processor. It was anybody. Who really needed to understand and was involved in the payments in what I say, anything is not cash that's electronic and needs to be. that I think was a lot of what we did. In those early days. there's so many things that are going on with the ETA and thankfully for the organization, because the payments industry needs ETA. So it was great. Ours was just the fundamental of moving it in, taking it from a non home into a home and building that new home to support the future of where we needed to go with the payments.

Desmond Nicholson: 00:30:03

Great. Now, uh, let's talk about Women Networking in Electronic Transactions. Now PayTech Women, how did this organization come about and what was the reason, purpose, vision, and aspirations its formation?

Diane Faro: 00:30:22

Oh, the near and dear to my heart.

Desmond Nicholson: 00:30:24

I can tell. Mm

Diane Faro: 00:30:28

other colleagues, um, Mary Gertz, Holli Targan and Linda Perry and myself, in all different stages, Mary Gertz has her own company, Linda Perry worked for Visa, Holly Targan, is a partner in a law firm, a lawyer, and myself at First Data. we knew we wanted to help women grow in the industry. as I always say, I had a great history. I've been able to do a lot within my career, but it didn't come easy. it was always proving yourself, going that extra mile because, and not because you're, I guess, because you're a female, I don't know. But anyways, we wanted a place for women to come, to mentor, to talk about situations of home life, business life, work life, having, different, opportunities to do different things. We wanted them to feel comfortable. and have the passion and the ability to say, we want you, we want a place to go. and in the problems that happened during my tenure in the eighties, nineties still exist today, but in a different way. And so we wanted women to feel comfortable and the ability to mentor sometimes very difficult. As we know, there's still a big population of males that are executives within the industry, and still a smaller population of women. It's increasing, but it's still a different dynamics of women, men to women in, in the executive space. So we started discussions, Desmond, probably in 2003. Of talking about women networking and electronic transactions. And, and we just recently changed, the name to PayTech Women.

Desmond Nicholson: 00:32:25

hmm.

Diane Faro: 00:32:27

so I say this and I've had a lot of successes, but this is one that I'm so proud of. we have almost 6, 000 members today. we're across the United States. We're in Canada. We're, looking branching out more internationally. but it's the opportunity to help others, Whatever situation they're in, or just building friendships, the friendships people have built when they come together and you see all these women in a room and being able to talk about things and, the dynamics of things that happen in their career or happen in their home life, trying to raise children, trying to work, there's a lot of different things that are happening in the dynamics around, that this gives them a venue. and we have a lot of different discussions. We have a summit every year. but it's the ability to feel comfortable to talk about things that you may not feel comfortable with your current boss or with, or even a different colleague, you can talk to people in the industry, about situations and they just become your friend or colleague. And they're your mentor, or you're mentoring someone It's a place to go to. so you can tell my passion on that, I, I, I have a granddaughter and I tell women who have daughters, I don't have daughters, I have sons, but now that I have a granddaughter, it's just so important, I want them, and I have nieces, I want them to know that their voice is heard and they have a place.

Desmond Nicholson: 00:33:51

I know this is going to be a sentimental question as PayTech women celebrate 20 years of empowerment for women in the payments fintech space. And knowing that in part you gave life to this organization, what goes on in your mind? are your thoughts and reflection?

Diane Faro: 00:34:14

I want to say the word, wow. there was times that I. Can't believe where we're at today and thank God for the CEO of PTW with the board of directors. it's they who run the organization and took it to the next level. I am proud with my three other colleagues to be where we're at today, but I'm just, equally proud of the board of directors and the direction they want to take it into. I know if I'm not here, this will continue and this will grow with the vision that we, the four of us had in 2003 sitting around the table discussing why we wanted to do what we wanted to do. You're right. It's very, it's emotional. it's just, like I said, you can't say enough about when you see these women in the room, you're just in awe about how excited they are the whole idea has changed from back in the nineties. Desmond, I mean, the whole different world today. And the men are there to support these women as well. And you see them, they would think nothing of not supporting, and it's great. And, but again, no different than any of us, you need someone to talk to. You need someone to just say, Hey, you know, I'm having this situation, I'm not sure how to handle it. How do I, what do you think? and you build friendships and you build colleagues. Yeah. So I think that's.

Desmond Nicholson: 00:35:47

Great. it's quite apparent that among your many accomplishments, your passion extends to nurturing leadership talents, especially among professional women. How would you describe your leadership style?

Diane Faro: 00:36:03

I'm sure you've heard some stories about me in the past. I am very determined. I would call it determination. I always say to people, and it's interesting because just at the last ETA, several individuals who worked for me in the 90s, they came up to me to say, How sometimes tough I was, but how I was there working right alongside with them. so I would say I'm very, determined, but I'm passionate. I I would describe myself that way. How would you describe you? you, you were temporary, right?

Desmond Nicholson: 00:36:40

I was temporarily under your custody, reported to you back in 2004 or

Diane Faro: 00:36:47

right.

Desmond Nicholson: 00:36:47

that. I will say this. And this is something that a very close friend of yours also said, is tough as nails.

Diane Faro: 00:36:58

I agree. I agree. I don't disagree. I, so I would say I, I would use the word determined versus tough and passionate about, anything I do.

Desmond Nicholson: 00:37:11

Okay. what aspect of your personality do you think has been the most helpful career?

Diane Faro: 00:37:20

That's a good one. The aspect of my personality. I would say my outgoing style. I do speak my mind. I do listen at times, especially as I got older, I'd listen a lot more than I probably did when I was younger. But I would say the part is listening and giving an opinion. I think it's very important for people to not sit back, because you see a lot of people in meetings and they don't say anything, and they're probably thinking things but just don't know how to say it. So, I think a lot of it is really based on, my ideas, my suggestions, and my, willingness to give an opinion right, wrong, or indifferent. and hopefully it'd be the right, not the wrong or being different. but I think more in there, what was your biggest challenge as you climbed the corporate ladder but that was why WNET started. I I think my biggest challenge was really proving myself. You have to, I had the CEO of First Financial Management told me that one day he goes, your job is the hardest cause you're always having to prove yourself. so if I had to work at 11 o'clock at night, I would be working at 11 o'clock at night when my family was. Sleep, to make sure what I was supposed to deliver the next morning, be it a presentation a report or whatever it was getting done. I had some great bosses. thankfully, It just took a lot longer to make sure when somebody said, Is she ready for the next promotion? They would say, Yes, she is. Because of the things that I did to make sure I was getting there. And I knew I was moving up the ladder. I was not sitting and being dormant. I was moving up that ladder and I was going to prove that I was capable of doing that.

Desmond Nicholson: 00:39:07

preparation? Now, over the years, CEOs and business leaders have shared their thoughts on the phrase work life balance. What does that mean to you? Or would you phrase it differently?

Diane Faro: 00:39:21

back in my early days, I think I was more work work than balance. now where I'm at today, Desmond, I tell everyone, female or male, you need a work life balance. Work cannot be only, your life, you have to have a life. You have a balance, you have a family. You have to look at that. but I believe things are different today. Everybody. Executives are looking at life, work life balance. I'm not sure in the nineties, if executives, CEOs of companies really looked at work life balance. not to talk about any of them, but I remember, I know some of them. I'm not sure if they ever went home and when they finally went home. I mean, cause they worked very long hours. But today, work life balance is key to being successful. People need that and in all corporations, people have changed. People realize that you must take vacations. there was times when back in my early, I'm talking early days when I was taking vacation, they'd be like, you're taking vacation.

Desmond Nicholson: 00:40:27

Hmm.

Diane Faro: 00:40:29

that's, you're talking the eighties. You're talking

Desmond Nicholson: 00:40:32

hmm.

Diane Faro: 00:40:32

was different back then. So, yes, if it's the Diane today, work life balance is critical for yourself, your family and your job.

Desmond Nicholson: 00:40:46

Now, What can women in the payments industry do to advance when they feel stuck in place on the career ladder?

Diane Faro: 00:40:57

I'll look at it. both ways, female or male, as I would tell him, and I'll say with a female, as I would tell a female, if you feel stuck in a job, you need to ask why are you stuck in this job? What would, are you being overlooked for promotion? Somebody received some promotion that you believe should have been yours. And if you did, then you should be in there talking with your boss. Listing everything of why you believe you should receive that promotion. don't walk in there and say, why didn't I get the promotion? Absolutely not. You better go in. With your homework and why you should receive the promotion, but if you're in a dead end job I would tell anybody get out go look for another job. Go start a company go do something different We work hard in the job we're doing and you better be happy to go to work every day and not be happy would be so miserable to me. I mean, like I said, I'm very fortunate. I have had a great career. I've had lots of laughs, happy, yes, a lot of stress, a lot of tears, but it comes with anything. Nothing and nothing's perfect. But the point is, if you're in a dead end job, then you need to sit down with your boss, be it, if that's your superior, and why are you in a dead end job, and can you both work together to get out of that dead end job, or you need to remove yourself and find a different avenue.

Desmond Nicholson: 00:42:21

Well done. is the biggest threat to the payments fintech industry right now? What is the biggest opportunity, from your perspective?

Diane Faro: 00:42:33

I don't know if there's a biggest threat. I think the consolidation has kind of quieted down. you don't hear some, you hear some acquisitions, but not like, it was going really crazy. I think you've got fewer, acquirers, processors out there. World Pay now is rejoined, separating from FIS. I think you have to look at the dynamics of where we're going into Virticalization, because I think. Where you'll see a lot of the ISOs, they now are becoming, vertical. they're not just be all to every all. I I don't look at that as any Concern I think it's great for the future because you're going to have people that are going to concentrate on restaurants or people who are going to concentrate on, salons or they're going to concentrate on, where payments are, different niches within the payment space. I think that's great. I think the industry is changing where you're not hearing of ISOs is just starting. In the industry and just being an ISO to all different, different types of businesses.

Desmond Nicholson: 00:43:42

Generalist? Mm hmm.

Diane Faro: 00:43:45

think there's any good or bad in it. I think right now people are still trying to figure out, where do they want to go? I kind of joke and people say, oh, I wouldn't want to be an ISO today. I don't know if you remember this, 20 years ago, they said that. I don't know if I want to be an ISO. And I said, do you know how many times people said that? And they should have been an ISO because they would have made a ton of money. The point is you always should be an ISO. ISOs are needed. It depends where you want to go within the market. Who do you want to support? That's what you have to look at. what industry do you want to support within that payment space?

Desmond Nicholson: 00:44:23

Good. Diane, having such a distinguished career of accomplishments, would you most like to be remembered for?

Diane Faro: 00:44:34

Oh, that's a tough one. I don't know if that's fair.

Desmond Nicholson: 00:44:37

Ha

Diane Faro: 00:44:37

I don't know if that's really fair. I would hope Boy, I don't know if anyone's ever answered that one. I would hope I would be remembered as a friend, a colleague, Someone that if you needed me, I was there for you. I'm still there for people today. I'm there to support you and help you. So I've mentored a lot of people in my career, and I have people that call me, and people that I've never mentored that call me, for advice, and I hope they would know that in all my toughness, that I would help anybody out, and I would always be there if I can help somebody, find a job, or I can help somebody help guide them on their thought process, I would hope that they would remember me for that, for always having a helping hand.

Desmond Nicholson: 00:45:30

Well done. Now we move into our final segment.

undefined: 00:45:36

The lightning round bridges to excellence inspired leadership in payments and fintech.

Desmond Nicholson: 00:45:44

Diane, I pose these rapid fire questions and you respond with a single word or a sentence or two. What does success mean to you?

Diane Faro: 00:45:56

wow. I look at success as happiness

Desmond Nicholson: 00:46:00

That's good. What is the best career advice you have ever received?

Diane Faro: 00:46:05

I would just say, don't take everything to heart.

Desmond Nicholson: 00:46:11

Okay. If you could name one thing attributed to your career success, what would it be?

Diane Faro: 00:46:18

So I'm very passionate about Nabanco. I think, the people, My timeframe there, NaBanco built a lot in the industry and contributed to my growth.

Desmond Nicholson: 00:46:31

Good. What is one thing that people you work with would be surprised to learn?

Diane Faro: 00:46:38

then I'm emotional. I think people would be very shocked on, things that would happen at work that I would go home very upset, like in tears. they never would see that side of me. but I think they would be surprised at how emotional I would get over things that I knew affected them, or affected the company or affected, things that I would hope I could have controlled better. I'm a very emotional person.

Desmond Nicholson: 00:47:10

It's the Italian in you.

Diane Faro: 00:47:12

I know it is. But yes. Oh yeah.

Desmond Nicholson: 00:47:18

Interesting. how would you define yourself in one or two words?

Diane Faro: 00:47:23

loving life. I'm life and fun.

Desmond Nicholson: 00:47:26

Okay. we're down to the final three. What is the next item on your bucket list to be checked off?

Diane Faro: 00:47:35

I just want to travel. Greece is my next trip. I haven't planned it yet, but yeah, I'd like to see the world a lot more.

Desmond Nicholson: 00:47:44

What drives Diane?

Diane Faro: 00:47:46

Well, see, right now, I'd say my grandchildren.

Desmond Nicholson: 00:47:49

Uh,

Diane Faro: 00:47:51

it's like everything with anybody. I still love the idea of winning. I'm not going to deny that. I love being involved. I love helping people. that's what drives me.

Desmond Nicholson: 00:48:02

And the final question, what have you fired up right now?

Diane Faro: 00:48:07

that's a tough one. I think, planning my travel, right? I don't know if fired up is the right word. different, Part of my life where I'm at right now. I'm enjoying just having a great time and still having a lot of good friends and colleagues and doing still some things in the industry. And, I think that continues my family number one, I think all of that just. Thankful for everything that's happened in my life,

Desmond Nicholson: 00:48:36

Great. Diane, it's been a treat having you on the show. Is there anything you want to add or we didn't mention that's important for you to talk about?

Diane Faro: 00:48:52

I can't think of anything we've gone through a lot. and I really wanna thank you, Desmond. 'cause I really enjoyed just catching up from old times and knowing each other in the early years. no, not really. I just thank you for your time.

Desmond Nicholson: 00:49:06

You're quite welcome. And that's our conversation for this week. Our guests, Diane Faro, CEO of Savify at Savify. CO and If you like what you heard on this episode, please rate us on Apple podcast as it helps our algorithm. So others know where to find us and to our listeners as always. Thank you for your time. And, never forget, the more you expect from yourself, the more you excel.

Speaker 4: 00:49:38

You've been listening to Bridges to Excellence podcast, inspired leadership in payments and fintech. Be sure to join us next time for more conversations with another of your colleagues in payments and fintech. Insightful conversations in their journey to excellence for transcripts and other materials covered on the show. Visit us at DesmondNicholson. com.