Originally published on American Banker
When Equifax disclosed its enormous data breach that exposed the personal information of some 143 million people, the reaction of many consumers and corporate executives was similar and familiar: our data is at risk at all times and the less access we give to others the better.
But that is precisely the wrong lesson to take from the event, say Bruce Parker, founder and CEO of Dallas-based Modo, which conducts the exchange of payment-event data securely and fairly across the platforms of banks, networks, payments processors, and their partners. Its technology, known as COIN, is designed to power payments events that move value from any source to any destination without either party having to modify their payments system. No need to throw out the old technology to make way for the new. Modo’s COIN transaction services include: connectors, transaction processing, settlement, reconciliation, and a secure vault.
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