Biometric payment firm Pay By Touch secures $10
million funding
FinExtra
13 October 2003
Pay By Touch, a provider of biometric payment authentication products that
use fingerprints to verify consumers at the point of sale, has secured a $10
million financing round and announced its new executive management team.
The company says the funds will be used to bring to market its patented
biometric authentication product, Pay By Touch, which allows consumers to pay
for purchases in one step by using finger imaging to link them to their payment
accounts at the point of sale without having to present plastic payment cards,
paper cheques and cash.
The service uses unique algorithms created during enrollment which are
matched during the payment process to verify the consumer's identity. The
fingerprint reader allows consumers to access accounts electronically at the
checkout counter.
Pay By Touch, formed after Solidus Networks' acquisition of Indivos Corp,
says it is building products and services on a broad patent library that
includes 22 issued and 13 pending patents covering tokenless, biometrically
authenticated financial transactions, age verification and customer loyalty
applications.
The firm has also forged a business development partnership with
Accenture.
Among the investors are new CEO Craig Ramsey and payment processing
industry veteran Eula Adams, both of whom have joined the firm's board of
directors.
Ramsey was previously EVP of worldwide sales at Siebel until 2001. Prior to
this he held executive roles at pre-IPO phases of Amdahl Corp and Oracle Corp
where he ran the US sales organisation.
Commenting on the funding, Ramsey says the Pay By Touch service will
revolutionise the checkout lane much as ATM machines revolutionised bank branch
operations: "Pay By Touch is the easy, safe and secure way to pay, reducing
consumer risks while allowing merchants to speed up the purchasing process and
reduce cash management and transaction costs."
Eula Adams is a former senior executive vice president of First Data.
During his tenure at First Data, Adams also served as president of the vendor's
resources and merchant services division. Prior this he was chief operating
officer of Western Union, which had been acquired by First Data. He has also
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. Shaw was previously CEO of Silicon Valley Internet
Capital (SVIC) and CEO of USWeb/CKS until March 2000, when the company was
acquired by Whittman-Hart. Prior to this he was executive VP in charge of
worldwide consulting services and vertical markets at Oracle, and a partner at
both Booz-Allen & Hamilton and at PricewaterhouseCoopers.
In addition, Pay By Touch has revealed its new executive management team
which includes president and founder and chairman of the board of directors,
John Rogers.
Rogers was founder and CEO of Rogers Development and was previously COO of
Daniels and LaBore. Prior to this he was VP of corporate strategy at ION
Corporation.
Brian Miller has been appointed EVP strategic alliances and member of the
board of directors. Miller was previously at Accenture where he was a partner.
During his 28 year tenure at Accenture he was also EVP strategic alliances and
member of the board of directors.
Nhan Nguyen, former chief technology officer (CTO) of account aggregation
services firm Yodlee joins as CTO/chief information officer (CIO). Prior to
Yodlee, Nguyen was SVP, technology operations at iPin - a stored value and
payment transaction management middleware company - as well as SVP, enterprise
technology and architecture at Bank of America, and executive director, world
bank implementations at TRW.
Eric Bachman joins the executive management team as chief operating officer
(COO). He was previously COO of NextBank and has also held SVP roles at BankServ
and US Bank's merchant card services business. Prior to US Bank, Bachman worked
at Wells Fargo.
David Siminoff has been appointed CFO. He was formerly analyst and
portfolio manager for 10 years at investment firm Capital Research. Prior to
this he was the founder of EastNet, a syndicate barter company in Eastern
Europe.
Caroline McNally, former EVP of global brand management at Visa
International, joins as chief marketing officer. Prior to joining Visa, McNally
was at MasterCard where she was VP, marketing in New York and acting general
manager for EMEA, in Paris. She began her career at American Express.
Steve Zelinger has been appointed general counsel. Zelinger served for four
years as SVP and global director of litigation and regulatory affairs at Visa
International. Prior to this he was a partner in the Washington office of
Manatt, Phelps & Phillips and has also worked at the US Department of
Justice in Washington.
Jon Siegal joins Pay By Touch as VP, sales, Americas. He was previously VP,
global sales at Siebel and began his career in 1988 at IBM where he was
responsible for sales to the media and entertainment Industries.
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