About the modern financial infrastructure that the world sits atop of.

Get essays a bit faster

I write roughly biweekly on the intersection of tech, financial infrastructure, and systems thinking. It's free.

Recent editions of BAM

The business of wallets

How digital wallets work, and how payment costs drive a lot of product decisions inside and around them.

Anatomy of a credit card rewards program

Credit card rewards are mostly funded out of interchange, a fee paid by businesses to accept cards.

Financial systems take a holiday

Ever wondered about what happens when banks are closed or why some apps have operating hours? It's fascinating.

You can read all 48 essays here →