Modo Payments Wins Top Prize at ETA TRANSACT Payments Pitch-Off

Payments interoperability innovator Modo took home top honors at the Payments Pitch-Off sponsored by fellow Finovate alum Worldpay. The Texas-based company, which demonstrated its Digital Payments Hub at FinovateFall 2016, made their winning case before a judging panel of venture capitalist and payments industry executives, besting nine other participants.

“We couldn’t smile big enough to truly express our excitement,” Modo tweeted, announcing the news. “But trust us we are so excited to win the #ETATRANSACT PitchOff.”

At the event, Modo showed how a merchant could use Modo’s technology to add and remove PSPs into their systems with the “simple click of a button.” Modo provides a cloud-based payments utility that enables interoperability between banks, networks, payments processors, and their partners. Its one-to-many interface takes the friction out of payments by delivering any source of value (traditional or non-traditional) to any destination and back again without requiring any changes to the client’s infrastructure. Modo’s partners include Bank of America Merrill Lynch, Alliance Data, and Verifone, as well as fellow Finovate alums FIS and Klarna.

“The Payments Pitch-Off at TRANSACT gives innovative startups the keynote stage to show off their products and services to the industry’s preeminent leaders at the world’s largest payments industry event,” ETA CEO Jason Oxman said. The Payments Pitch-off is part of the TRANSACT conference held by the Electronic Transactions Association (ETA). As the pitch-off winner, Modo picked up a $30,000 cash prize. A $5,000 cash prize for the “audience favorite” was awarded to Menusifu’s Restaurant Go app, a contactless payment solution for diners.

Fellow Finovate alum Sezzle also participated in the competition. Additionally, the event featured its 2018 Star Awards which honored individuals who had “made a significant difference in the payments industry through innovation, business practices, or contributions to the association.” These included representatives from Finovate alums including TSYS, Mastercard, and FIS.

PYMNTS.com interviewed company CEO Bruce Parker about payments in the cloud last month. Modo ended 2017 by adding former CEO of Klarna North America Brian Billingsley as Chief Revenue Officer. The company participated in our developers conference, FinDEVr New York, in 2016, discussing how its Digital Payments Hub can be used to design and manage the complete digital payment transaction lifecycle. Later that year, Modo demonstrated the four components of its technology: Payments System Connectors, Payments Transactions, Credentials Vault, and Digital Experiences at FinovateFall 2016.

Founded in 2010, Modo has raised more than $11 million in funding. The company’s investors include Tim Keith, CEO of Central Texas Partners; John Beletic, partner at Oak Investment Partners; and Jay Kassing, owner of fintech company Marquis.

Finovate Alumni News

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  • Modo Payments Wins Top Prize at ETA TRANSACT Payments Pitch-Off.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Modo Brings on Former CEO of Klarna North America, Brian Billingsley

Cloud-based payment services company Modo Payments has given itself an early Christmas present this year, appointing former CEO of Klarna North America Brian Billingsley as Chief Revenue Officer.

Billingsley’s payments background will play an integral role in expanding Modo’s capabilities. “All I wanted for Christmas was for Brian to join the team, and Santa really came through for this lucky #paymentsgeek this year. He’s honestly the best Christmas present I could’ve asked for,” said Modo CEO Bruce Parker.

Parker and Billingsley have worked together before. In October the two companies teamed up to integrate Modo’s Checkout Event payment service to help Klarna accelerate implementation of its checkout solution for merchants.

Billingsley said he was “blown away” by Modo’s tech when Klarna implemented it. “Modo has incredible talent and technology, and I believe Modo will revolutionize payments over the next few years making complex payments function as we experience email today – it just works,” he added. Billingsley will officially join the Modo team next month.

Founded in 2010, Modo exchanges payment data across platforms on behalf of banks, payment networks, and providers, enabling them to store, share, and track payment event data. The company presented at FinovateFall 2016, where it showcased its Modo Digital Payments Hub. In addition to a partnership with Klarna last month, Modo also teamed up with Bank of America Merrill Lynch, Alliance Data, FIS, and Verifone to boost user engagement by creating PayoutCheckout, and Loyalty Events for online retailers.

Finovate Alumni News

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  • Modo Brings on Former CEO of Klarna North America, Brian Billingsley

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Modo Forms Fintech Partnerships to Engage Consumers at the Point of Sale

Cloud-based payment services company Modo partnered with Bank of America Merrill Lynch, Alliance Data, FIS, Verifone, and Klarna, last week. The companies have teamed up to boost user engagement by creating Payout, Checkout, and Loyalty Events for online retailers.

Sheryl McKenzie, VP of products and capabilities for Alliance Data’s card services said that the benefit of adding marketing offers and rewards is to “deepen the customer’s connection with the brand and simplify the experience of card-based loyalty programs.”

The three types of user engagement events include:

  • Payout Events
    Helps banks disburse funds across the globe to any endpoint. Fund sources can range from a traditional bank account to a digital wallet. Bank of America Merrill Lynch is among the first to implement Payout Events.
  • Checkout Events
    Enables users to checkout anywhere with any method of payment, including the use of loyalty points, gift cards, and vouchers. Klarna and Verifone are among the first piloting this technology.
  • Loyalty Events
    Allows shoppers to combine multiple rewards and loyalty programs to make a purchase without having to share and manage sensitive identity and payment data. FIS, Verifone, and Alliance Data are among the first to implement this solution.

“We can leverage Modo’s service to seamlessly exchange payment event data across disparate retail systems in store, online and through the mobile channel,” McKenzie stated. “At Alliance Data, we are bringing together the breadth of a large marketing-focused corporation with the agility of a startup partner to accelerate the delivery of innovative payment and loyalty capabilities.”

Founded in 2010, Modo exchanges payment data across platforms on behalf of banks, payment networks, and providers, enabling them to store, share, and track payment event data. The company presented at FinovateFall 2016, where it showcased its Modo Digital Payments Hub. This announcement is the first marketing effort in a long time for the Austin-based company, which just emerged from a two-month “reverse stealth” period last week. Before the quiet spell, Parker was interviewed by Dallas News, revealing his thoughts on the future of payments.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

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