Our team brings together world-class insights, commercial expertise, and targeted solutions

Leo is the founder of Lipis Advisors and has over 25 years of experience in payment systems consulting and research on all six continents. Prior to founding Lipis Advisors in 2007, he held positions in payments strategy and analysis with commercial banks, clearing houses, and central banks. Leo works chiefly in transaction banking, payment system strategy & design, and treasury management.

Andrew is director at Lipis Advisors and leads custom consulting projects on topics such as payments fraud, ACH modernization and benchmarking, and mobile payment adoption. Andrew was previously the lead researcher for the Global Payment Systems Analysis and wrote over 40 country reports and still oversees Lipis Advisors’ database and the collection, collation, and analysis of statistics.

Since joining Lipis Advisors, Bonni has advised clients on a variety of topics, including cross-border payments processing and the advent of Central Bank Digital Currencies (CBDC). Bonni came to Lipis Advisors with a strong public policy background, having previously worked as a Senior Trader at the Federal Reserve Bank of New York and having interned at both the U.S. Department of the Treasury and Department of State. She speaks English, French and Mandarin Chinese.

Anja McCormack joined Lipis Advisors in 2014 to provide executive support to the company, working alongside the CEO to coordinate strategy development and implementation as well as client-facing activities. Previously, Anja has worked at the Irish Embassy of Berlin, as well as Accenture and Citibank. Originally from Frankfurt, Anja lived in Dublin for many years.

May Ho Hoh is a consultant with Lipis Advisors. She supports research on regulatory developments, real-time payment trends, strategic engagements focused on market expansion as well cross-border payments. May Ho is also an expert on Chinese payment systems and has written reports on China’s fintech scene. She holds an MA in Business from the Berlin School of Economics and Law. May Ho speaks fluent Cantonese and English.

David Tercero-Lucas recently joined Lipis Advisors. He holds a PhD in Applied Economics by the Autonomous University of Barcelona. David is part of the research team on topics related to cross-border payments, digitalization of payments, market entry strategies, cryptocurrencies and Central Digital Currencies (CBDCs). He is also part of the Associate Team of the Digital Euro Association. During his doctorate, he did an internship at the BIS and at the European Central Bank. His work has been published in the Journal of Financial Stability, European Journal of Political Economy and International Journal of Finance & Economics. He is fluent in English and Spanish.

Ana has conducted research in the payments ecosystem of several countries in Latin America and Europe. She has also worked in competitor analyses for cross-border payments, regulatory market entry strategies, fraud management in several European countries, and the impact of real-time payments in ACH payment volumes. She holds a M.Sc. degree in International Finance from the Berlin School of Economics and Law. Ana speaks fluent Spanish and English.

Since joining Lipis Advisors, Anurag has supported research on digital currencies, cross-border payments processing, market entry strategy, and payment system benchmarking. Before joining Lipis Advisors, Anurag was working with banks and fintechs in India where he focussed on new B2B product launches, strategic alliances and market expansion. Anurag holds a Master of Business Administration in International Business with specialization in Finance from Symbiosis International University as well a MBA&E from HTW-Berlin. Anurag is fluent in English, German and Hindi.

Sophie Joo recently joined Lipis Advisors. Since joining the firm, Sophie has conducted research in payment system modernization, and market entry strategies. She has previously worked in consulting as well as with Think Tanks focusing on public policy and fintech. Sophie holds a M.A. in International Relations and International Economics from Johns Hopkins University SAIS. Sophie speaks Korean, English, French, and Spanish. She is also learning German.

Tamas Karvalits joined Lipis Advisors as a junior analyst in January 2022. Since joining the company, he has focused on retail payment system modernization and conducted research on the crypto-banking scene in the EU. Previously, he worked in multiple financial institutions in Hungary with a focus on retail banking services and treasury management. He holds a B.Sc. in Economics, Politics, and International Studies from the University of Warwick and is currently pursuing a Master’s in Management degree from ESMT Berlin. He is fluent in English and Hungarian.