Fred Gumbel Joins WAY Systems as CEO
Industry Veteran Bolsters Company's Executive Team
BOSTON, Oct. 24 (www.AllPayNews.com) -- It was announced today by Will GrayLin, Chairman of the Board of WAY Systems, Inc., that industry veteran and widely respected executive, Fred Gumbel, has joined the company as Chief Executive Officer. According to GrayLin, "Fred's decision to join WAY Systems is a strong endorsement of WAY's current and future business. We are delighted that someone of Fred's stature has joined our company in this critical role. We are proud to have a Board comprised of the founders of Hypercom Corporation, VeriFone, Inc., and TNS, as well as an executive team comprised of industry leaders who have held senior positions with VeriFone, Hypercom, Lipman USA, ClearCommerce and First Data Corporation. Fred further enhances the stature of our Board members and senior executives."
Gumbel's background includes holding senior positions at Citicorp and First Bank System, as well as serving as President of Electronic Data Systems Electronic Commerce Strategic Business Unit. He was also the founding Chairman, President and CEO of Vital Processing Services. Vital was established as a joint venture of Visa USA and Total Systems Services. Since 1998, Gumbel has been CEO of Payment Insight, Inc., a leading consulting firm to the financial services industry whose clients included a number of banks, payment processors, airlines and other organizations.
"I am pleased and excited to join WAY Systems," said Gumbel. "I believe the company's future is extremely bright, with its exclusive licenses to patented, industry-leading products and its primary market -- wireless payment systems -- as one of the fastest growing industry segments. Its Board, executive team and employee population have the breadth and depth required for the company to be the leader in its field. I look forward to meeting with our company's customers and prospective customers, as well as other industry leaders who may deploy our mobile products."
About WAY System, Inc.
WAY Systems is the fastest growing firm engaged in providing solutions for wireless transaction processing. A leading global service provider of mobile phone-based Point of Sale solutions designed for millions of unwired merchants worldwide, the company offers the most technologically advanced devices which fit in the palm of the user's hand. WAY Systems has gained recognition for its award-winning end-to-end payment solution for acquirers, payment processors and POS resellers that works "out-of-the-box," virtually anywhere. WAY's Mobile Transaction Terminal has been adopted by virtually all leading processors, payment gateways, and hundreds of banks and ISOs across the country. The company's unparalleled support for merchants and channel partners defines a new paradigm in the distribution model for payment systems. WAY Systems, Inc. has the exclusive worldwide rights to pocket-sized merchant POS solutions based on granted patents licensed from Fractal Commerce, Inc. (WO 99/66752). The patents cover communication method and apparatus improvements for all GSM, GPRS and 3G enabled POS devices used for authenticating payment transactions.
Contact: George Devitt
Source: WAY System, Inc.