Insights

Tom Glatt 10/28/25 Tom Glatt 10/28/25

The New Commerce Stack: How AI and Payment Protocols Are Engineering Financial Institutions Out of the Customer Relationship

In 48 hours, OpenAI, PayPal, and Mastercard unveiled a new "Agentic Commerce Stack." This strategic analysis breaks down the layers and explains the existential threat of "disintermediation by protocol" to banks and credit unions.