Demitry Estrin
Founder and CEO
Demitry Estrin is the Founder and CEO of TFG Payments Intelligence, where he leads the firm’s strategic direction and the ongoing evolution of its competitive intelligence platform and product decision frameworks.
He founded TFG to close a persistent gap he saw across financial services: teams making high-stakes product decisions without a clear, market-wide understanding of the evolving competitive landscape and how customers actually experience and compare payment products.
In his role, Demitry leads and personally advises complex payment and product initiatives for leading financial institutions, networks, fintechs, and global brands. His work supports the creation, development, and launch of new payment products, as well as critical portfolio decisions for organizations operating at national and global scale. Across engagements, he works closely with senior product, payments, and strategy leaders to bring market-wide competitive context and real customer perspective into high-stakes decisions.
Prior to founding TFG, Demitry held senior leadership roles across the global insights and financial services ecosystem, including COO of Maru Matchbox, Managing Director at Vision Critical, and SVP & Head of Financial Services at Ipsos. Across his career, he has partnered with many of the world’s largest financial institutions at moments of product change, growth, and reinvention.
Ted Chen
Chief Strategy Officer & Partner
Ted Chen is the Chief Strategy Officer and Partner at TFG Payments Intelligence, where he helps clients navigate complex product and portfolio decisions by bringing structure, strategic clarity, and disciplined prioritization to rapidly changing payments markets.
At TFG, Ted works closely with senior product, payments, and executive leaders to frame the right questions, evaluate trade-offs, and translate market and customer intelligence into clear strategic direction. His work focuses on helping teams align around what matters most, move forward with confidence, and execute against decisions that have real commercial impact.
Prior to joining TFG, Ted held senior leadership roles across management consulting, insights, and financial services. He previously served as Managing Director of Financial Services and CX, led Customer Experience and Financial Services practices at Maru Matchbox, ORC International and Vision Critical, and ran U.S. research, operations, and technology teams at Ipsos Loyalty. Earlier in his career, Ted was a management consultant at Strategy& (formerly Booz & Company) and a software consultant at JDA Software.
Ted holds an MBA in Strategy and Finance from Yale University and a BA in Economics from Northwestern University.
Vidya Subramani
Co-Founder & Head of Competitive Intelligence
Vidya Subramani is a TFG Co-Founder and Head of Competitive Intelligence, where she plays a central role in maintaining, advancing, and ensuring the rigor of the firm’s payments intelligence engine.
Vidya is deeply immersed in the details of the payments landscape, overseeing the quality, continuity, and relevance of the intelligence that underpins the firm’s work. She applies the perspective of a long-time financial services practitioner, shaped by years of building and using competitive intelligence within a top U.S. issuer’s payments organization, to ensure TFG’s insights reflect how payment products are actually evaluated, governed, and challenged in-market.
Before co-founding TFG, Vidya spent nearly two decades in senior in-house roles within financial services. She most recently served as VP and Director of Voice of the Customer at U.S. Bank and previously led the competitive intelligence and insights function for the Payments Group at U.S. Bank. Her background spans financial services and retail, with a consistent focus on customer-driven, data-grounded decision-making at scale.
Jane Tang
Co-Founder and Chief Data Scientist
Jane Tang is Co-Founder and Chief Data Scientist at TFG Payments Intelligence, where she oversees the design, scale, and integrity of the firm’s data platform and analytical frameworks.
From the firm’s earliest days, Jane has been instrumental in building the underlying database, modeling architecture, and analytical standards that power TFG’s payments intelligence. She leads a team of statisticians and is personally involved in the development of advanced analytic frameworks, ensuring rigor, consistency, and methodological soundness across both the competitive intelligence engine and the firm’s most complex custom client engagements.
Jane specializes in advanced choice modeling and leads the analytical design and execution of how customer choice is integrated with portfolio economics across TFG’s product optimization work. Her work enables clients to understand not only what customers prefer, but how those preferences translate into real-world product performance and economic outcomes.
Prior to co-founding TFG, Jane held senior analytics leadership roles across the insights industry, including Senior Vice President of Advanced Analytics at Maru Matchbox and Vision Critical, and Vice President of Marketing Sciences at Ipsos Insight and Ipsos Reid. She brings more than two decades of experience applying rigorous statistical methods to complex business and product challenges.
Ray Tierney
Board Member
is based in New York and formerly oversaw Bloomberg’s agency broker, Bloomberg Tradebook LLC. and all aspects of Bloomberg’s sell-side equity and order management solutions (SSEOMS), including product innovation, new product sales, and business strategy through Q1 2017. In 2016, Mr. Tierney led Institutional Investors Annual Trading Technology 40 ranking, coming in at #1 on the list, recognizing his achievements leading global teams to advance trading technology at Bloomberg. In March of 2017, he was awarded the Ken Heath award by the Securities Trader Association, recognizing him for his notable contributions to the advancement of women in finance.
From June 2021 to July 2024, Mr. Tierney served as Chief Executive Officer of Broadridge Trading and Connectivity Solutions, based in New York. He is now moving into an advisor role within Broadridge. From 2010 to 2014, Mr. Tierney served as Chief Executive Officer and President of Bloomberg Tradebook LLC. The agency broker partners with institutional traders, broker-dealers, hedge fund managers, plan sponsors, market makers and portfolio managers to provide high-quality liquidity, market insight, and customized solutions based on innovative technologies. Over much of that time, he grew revenues, market share, and clients across asset classes. In January of 2015, he assumed the role and responsibility as Global Head of the TRADING SOLUTIONS business of Bloomberg, which serves both the buyside and sellside OMS needs across Fixed Income and Equities, growing the business by 8% annually thru the end of 2016.
Prior to joining Bloomberg, Mr. Tierney was at Morgan Stanley for 17 years, starting in 1994 as an Executive Director and Senior Sales Trader in NA. He was elected a Managing Director in 1998 and named Head of North America Cash Sales Trading in 2004. In 2006, Mr. Tierney was named Global Head of Equity Trading for Morgan Stanley Investment Management, responsible for leading MSIM’s worldwide trading efforts. He started his Wall Street career as an Equity Trader at Paine Webber (1981–1986), served as a Vice President at First Boston (1986–1991), and was a Vice President and Sales Trader at UBS Warburg (1991–1994).
Mr. Tierney received a Bachelor of Arts degree from Villanova University. He currently serves on the boards of Ronald McDonald House, Villanova University’s President’s Leadership Council and is chair of the National Organization of Investment Professionals (NOIP), which is a non-profit association of investment professionals, who have a common objective of fostering a favourable regulatory environment for institutional participation in the securities market with fair and open markets for all participants.
Tim Keiningham
Board Member
Tim has spent more than 20 years in senior leadership roles in customer research and analytics, including at Ipsos, where he served as Global Chief Strategy Officer at Ipsos Loyalty.
Tim is the New York Times bestselling author of The Wallet Allocation Rule: Winning the Battle for Share, and eight other books on customer experience, loyalty, and satisfaction.
He has published numerous papers in leading management journals (e.g., Harvard Business Review and MIT Sloan Management Review) and leading academic journals (e.g., Journal of Marketing, Marketing Science, Journal of the Academy of Marketing Science, Journal of Service Research, and Journal of Service Management). Tim’s research has received more than a dozen prestigious scientific awards, including:
- INFORMS Society for Marketing Science, top 20 most influential articles of the past 25 years.
- Marketing Science Institute / H. Paul Root Award from the Journal of Marketing for the article judged to represent the most significant contribution to the advancement of the practice of marketing (twice).
- Citations of Excellence “Top 50” Award (top 50 management papers of approximately 20,000 papers reviewed that year) from Emerald Management Reviews.
- Service Excellence Award (best paper) from the Journal of Service Research.
- Robert Johnston Outstanding Paper Award from the Journal of Service Management.
- Outstanding Paper Award (best paper) from the journal Managing Service Quality (twice).
- Next Gen Disruptive Innovation Award for the discovery of the Wallet Allocation Rule®.
Tim received a BA from Kentucky Wesleyan College (USA), an MBA from Vanderbilt University (USA), and a PhD from Staffordshire University (UK).
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