Pay By Touch Launches Next Phase In Payments Revolution

Sunday 12 October 2003 15:47 CET | News

Pay By Touch has completed a $10 million financing round and its new management team. The company is initiating the next phase in bringing to market a new patented payment system that allows consumers to pay at the checkout counter without having to present credit cards, debit cards, loyalty cards, paper checks or cash.

The Pay By Touch payment authentication service allows consumers to make purchases in one easy step by touching a finger image reader to access their accounts electronically at the checkout counter. Payments are authorized without consumers having to present tokens (e.g., credit cards, RFID devices, Smart Cards, etc.), or reveal account numbers, signatures, or drivers licenses, thus providing protection from identity theft and fraud while speeding up checkout lanes. Unique algorithms created during enrollment are matched during the payment process to ensure merchants and payment processors of the consumers identity. Pay By Touch, formerly known as Solidus Networks, results from the companys acquisition in April of Indivos. Pay By Touch is building products and services on a broad patent library that includes 22 issued and 13 pending patents covering tokenless, biometrically authenticated (any type of biometrics) financial transactions, age verification and customer loyalty applications. Pay By Touch has forged a business development partnership with Accenture to facilitate rapid penetration of large merchant accounts. Among the investors of the just-closed $10 million financing are new CEO Craig Ramsey and payment processing industry veteran Eula Adams, both of whom have joined the board of directors. Ramsey was EVP of Worldwide Sales at Siebel until 2001 and oversaw growth from $4 million in sales with offices in 2 countries, to more than $1.5 billion in sales with offices in over 30 countries around the world. He previously served in executive roles at pre-IPO phases of Amdahl Corp. and Oracle Corp, where he ran the United Sates sales organization. Adams, formerly Senior Executive Vice-President of First Data Corporation, was named in 2002 as one of the 50 Most Powerful Black Executives by Fortune Magazine, which recognized his role in running the worldwide credit card business for First Data Corp, a global leader in electronic payment transactions. During his tenure at First Data, Mr. Adams served as President of First Data Resources, the largest third party processor of Visa and MasterCard credit, debit, and retail card accounts in the world, President of First Data Merchant Services and earlier was Chief Operating Officer of Western Union, which had been acquired by First Data Corp. Mr. Adams has served on the Board of Directors of several companies, including MasterCard International, Wells Fargo Merchant Services, and NYCE Corporation. Also elected to the board of directors was Robert Shaw, currently the Chairman and CEO of ArcSight and previously CEO of Silicon Valley Internet Capital (SVIC), CEO of USWeb/CKS until March 2000, when the company was acquired for $3.3 billion by Whittman-Hart, Inc., and earlier Oracle Corp. Executive Vice President in charge of the companys worldwide consulting services and vertical markets. Prior to joining Oracle, Mr. Shaw was a partner at Booz-Allen & Hamilton and at PricewaterhouseCoopers. Mr. Shaw is a certified public accountant and serves on the board of directors of Heidrick & Struggles International, Portera, Zero-Knowledge Systems, and Website Pros. Additionally, Pay By Touch announced its executive management team, including: John Rogers, President and Founder, and Chairman of the Board of Directors John Rogers was founder and CEO of Rogers Development Corp., and previously was COO of Daniels and LaBore. Prior to Daniels and LaBore, Mr. Rogers was VP of Corporate Strategy at ION Corporation. Brian Miller, EVP Strategic Alliances, and member of the Board of Directors Brian Miller was a partner at Accenture where he worked for 28 years. At Accenture, Mr. Miller conceived and helped build the CRM practice, established Accenture alliances with Siebel, PeopleSoft and Blue Martini. Mr. Miller was the Managing Partner of

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce