EP 163: Demystifying Core Banking Modernisation, AI, and the Future of Payments

In this week's episode, Dharm is joined by Leonardo Collado, Global General Manager of Pismo at Visa, to explore how modern core banking infrastructure is becoming the foundation for the next generation of financial services.

Drawing on more than 30 years of experience in payments, Leonardo explains why legacy banking systems are holding financial institutions back and how real-time, cloud-native platforms are enabling banks to innovate faster, personalise customer experiences, and prepare for emerging technologies such as AI, tokenised assets, and agentic commerce.

The conversation begins with an introduction to Pismo and its role within Visa. Leonardo explains how Pismo was built as a real-time, API-native banking and payments platform, allowing financial institutions to modernise incrementally rather than replacing entire legacy systems. Combined with Visa's global reach and infrastructure, the platform helps banks evolve without disrupting existing operations.

A major theme throughout the episode is the shift towards real-time banking. Leonardo explains why customers increasingly expect instant, personalised experiences and how real-time data allows banks to understand customer behaviour as it happens, delivering contextual offers, AI-driven loyalty programmes, and more relevant customer experiences.

The discussion also explores why many banks continue to struggle with fragmented technology estates. Leonardo explains how consolidating core banking, payments and card processing onto a single platform gives financial institutions a unified customer view, reduces operational complexity, and enables faster innovation across every product and payment channel.

Another key focus is balancing global consistency with local flexibility. As banks expand internationally, they must navigate different regulations and payment schemes. Leonardo explains how Pismo maintains a single global platform while supporting local compliance requirements, enabling banks to scale more efficiently across multiple markets.

The episode also examines how modern banking platforms are preparing institutions for the next wave of innovation. Topics including tokenised assets, stablecoins, programmable money and real-time settlement highlight why core banking and payments infrastructure are becoming increasingly interconnected, with the potential to transform cross-border payments and enable entirely new financial products.

Another fascinating discussion centres on agentic AI and a