Neira Jones breaks down key concepts like TradFi, CeFi, CeDeFi, and DeFi for those eager to explore — or question — the Web 3 payments movement.
In a new episode of The Paypers’ Web 3 Payments video interview series, Neira Jones, a well-known thought leader in the payments industry, shares insights from her recently launched book, Beyond Payments: From Centralized to Decentralized and Everything In Between.
Neira explains that her book is not a blockchain or DeFi-focused technical manual, but a payments book designed to bridge the knowledge gap for a broad audience. Whether for lawyers wanting to understand the regulatory frameworks, product managers looking to evolve their services, blockchain developers entering the payments space, or payment professionals seeking to understand emerging trends, the book offers accessible insights. With seven standalone chapters, readers can engage with the topics most relevant to them without needing to read the book in sequence.
A major focus of our discussion was on the distinctions between different financial models—Traditional Finance (TradFi), Centralised Finance (CeFi), Centralised-Decentralised Finance (CeDeFi), and Decentralised Finance (DeFi)—which form the core of Neira’s book.
Starting with TradFi, Neira describes it as the ‘grandfather of finance’, built on legacy systems and centralised control, yet constantly evolving through partnerships and technology upgrades. Traditional financial infrastructures, she emphasises, are not going away but are adapting, citing examples such as JP Morgan’s successful integration of blockchain for wholesale transactions.
Moving to CeFi, Neira portrays it as an evolutionary step for institutions experimenting with blockchain technology while maintaining centralised structures. CeFi entities leverage blockchain’s potential but offer familiar financial services within a regulated, centralised environment.
CeDeFi, she explains, merges the benefits of centralised governance with the efficiencies brought by decentralised technologies. It offers a hybrid infrastructure where trusted institutions manage core functions, while automation, immutability, and transparency—hallmarks of blockchain—enhance operational processes.
DeFi, the most disruptive model, operates on open infrastructure without intermediaries. Neira encourages a structured approach to assessing whether a platform or service truly qualifies as DeFi, suggesting four key questions: Does it involve asset transfers? Is participation open and trustless? Do users control their assets? Does it operate on a public infrastructure?
Throughout the conversation, Neira stresses that understanding these distinctions is crucial, not only for grasping where payments are heading but also for recognising how new financial models can coexist, evolve, and transform the landscape.
This interview offers a unique opportunity to gain a clearer understanding of how traditional and emerging financial models are interacting in today’s rapidly evolving digital economy.
To explore these concepts in more depth and hear Neira’s practical insights on the future of finance, watch the full interview.
About Neira Jones
With over 25 years of experience in financial services and technology, Neira Jones is a renowned expert in payments, fintech, and cybersecurity. As a strategic board advisor and non-executive director, she guides organisations on innovation and regulatory compliance. Neira is an Amazon best-selling author, professional speaker, trainer, and e-learning course creator. Among the latest books written by Neira, we mention: Understanding Payments, Beyond Payments, and The A to Z of Payments.
Her expertise is recognised through numerous accolades, including listings in top influencer rankings for payments, fintech, and cybersecurity. Neira serves on the UK Payment Systems Regulator panel and holds a fellowship with the British Computer Society.
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