Bruce Parker’s obsession is an invisible technology that you use each day, but rarely think about: payment systems that shuffle money around after you swipe your credit card, reimburse your friend through an app or make an online purchase. Parker — a self-described payments geek — is the founder and CEO of ModoPayments. That’s short for “mobile does” or “more dough.”
Modo acts as like a payment plumber. It uses a transaction system called COIN to connect financial services companies or other sources of value with digital payment tools. It connects old and new payment systems and can integrate loyalty programs. Its list of clients includes Bank of America, VeriFone and European financial tech startup Klarna.
Parker began the company in 2010 thinking it would help brands build their own payment app, like Starbucks did. But over time, when it became clear that few customers were ditching their plastic credit cards for phone payment apps like Apple Pay, Modo pivoted. It lopped off the consumer-facing part and decided to sell “the engine that converted value,” which was the COIN system.
Read the full Dallas Morning News article here.