Modo Emerges From Reverse Stealth With New Service For Payment Event Data

Modo prepared to discuss the hard work they have been doing for key clients that demanded 100% of their attention during a two month media blackout.

DALLASOct. 17, 2017 /PRNewswire/ — Modo, the payments fintech working with Bank of America Merrill Lynch, Alliance Data, FIS, Verifone, and Klarna, today announced they’re ready to break their self-imposed silence and discuss the work they have been doing to deliver innovative payment solutions for their clients in Q4 2017. Modo took a step back from speaking with the media, engaging on social channels and updating their website over the summer in order to focus on their clients’ solutions for varying payment events.

“Going dark was an easy decision for me. As a fast growing start-up, sometimes you just have to put all your oars on one side of the boat,” says Bruce Parker, CEO of Modo. “I am excited about helping our clients become payment event driven. And love the fact that they asked us to deliver some of their newest and coolest experiences.”

Modo securely and fairly conducts the exchange of payment event data across systems on behalf of banks, networks, and payments providers. And this summer there was a whole lot of conducting going on. Their cloud-computing SaaS model enables leaders in payments and financial services to track, store and share payment event data throughout the lifecycle of the event. A “payment event” is everything before, during, and after a transaction. The event, or overall context, matters because important data can get lost during transaction processing, leading to higher cost integrations, slower time to market, and ongoing operational inefficiencies. Modo’s service delivers by providing the connections, accelerating delivery, and reducing manual interventions by an order of magnitude.

“To be a bit audacious, we think the traditional transaction systems think about payments wrong. Most systems are focused on one moment in time when talking about payments, the transaction. But there are a bunch of things that happen before, during, and after a transaction that need to be tracked, stored, and shared to unlock the real potential of the payment. That’s why we are focused on the whole payment event,” says Bruce Parker, CEO of Modo.

Modo has already announced support for three payment event types, in diverse areas of payments with Klarna, Verifone and FIS, and Bank of America Merrill Lynch (respectively):

  • Payout Events: Enable your corporate and commercial customers to send money globally using the ever growing number of digital wallets to accelerate the last mile of disbursements.
  • Checkout Events: Checkout anywhere, using any method of payment. Whether you are a merchant or a payment provider, offer consumers any way to pay.
  • Loyalty Events: Earn and burn loyalty in entirely new ways in entirely new experiences. Combine multiple rewards and loyalty programs to make a purchase or send a gift.

“What drew me to Modo was their key insight that with just four data elements, you can define any payment event, anywhere in the world, on any system. Modo’s approach to payment events enables the data to and from any payment system to be reconfigured, or abstracted, which leads to seamless interoperability,” explains Matthew Leavenworth, who recently joined the ModoNauts as their Chief Product Officer.

Thus concludes Modo’s announcement about future announcements (which is rather unlike our prior unnouncement). If you’re interested in exploring what’s new in the ModoVerse, head over to https://www.modopayments.com. The ModoNauts will be at Money20/20 Las Vegas on Monday, October 23rd at 11:40am in Titian Level 2 speaking with Alliance Data about data driven experiences in retail.

 

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