Traxpay, the business-to-business (B2B) real-time payment provider, has formed the Traxpay Corporate Banking Advisory Board, to provide additional corporate banking, payments and institutional finance expertise to the company.
Traxpay is focused on redefin¬ing the online B2B payment process with an enterprise-level solution for sending and receiving payments across supplier and/or customer networks. The advisors will play a key role in Traxpay accomplishing a true real-time payment system, in accordance with international banking security standards and practices, and complements the deep payment expertise of the company's founders.
Members of the newly formed advisory board include Richard Oliver, chairman of the Traxpay Corporate Banking Advisory Board, and members Jane Hennessy and Danyon Lloyd.
Leading the Traxpay Corporate Banking Advisory Board is esteemed banker and payment expert, Oliver. In his 38-year career with the Federal Reserve Banks, Oliver is credited with several major initiatives related to an all-electronic automated clearing house network, as well as overseeing the Federal Reserve's triennial payments studies. In 2010, the National Automated Clearing House Association recognized him for his superior leadership developing and implementing electronic payments. In 2011, Oliver retired as senior vice president of the Federal Reserve Bank of Atlanta and is currently a consultant to the financial and banking industry.
"While the banking industry has made strides over the past decade in electronic payments, we are now experi¬encing 'the perfect storm' to realize the biggest advance in transaction-based banking," said Oliver. "Companies now have optimized enterprise systems that provide the infrastructure to link their suppliers and vendors. And, following the success of Paypal, B2B companies are ready to adopt real-time payment systems. Traxpay brings the software and banking expertise together to enable these transactions at a time when businesses are ready to fully leverage the benefits from their working capital."
This quarter, the Traxpay solution has been selectively installed with initial customers across Europe, which historically has led the adoption of digital financial solutions. The company recently announced funding that will prepare it for its Q3 expansion into the United States.
"The vast banking expertise of this advisory board provides our development team with global insight from the bankers' perspective," said Markus Rupprecht, founder, Traxpay. "When we combine this knowledge with our software and transaction expertise, we believe Traxpay will deliver an unparalleled payment solution for B2B companies. Rich, Jane and Danyon are leaders in the banking community, and we are thrilled they support the Traxpay model."
Hennessy most recently was executive vice president and head of strategy and marketing, cross-sell, and personal banking for the Wells Fargo International Group.
Hennessy joined Wells Fargo in 1990, and in 1996 moved to the International Group, where she had responsibility for developing the company's first international internet product solutions. Heavily involved in the banking communities, Hennessy was chair of the Global Payments Forum, a member of the Association for Financial Professionals, and served on the West Coast Advisory Board for the Institute of International Education.
Lloyd was most recently chief executive officer (CEO) of Privatbank 1891, one of Germany's oldest commercial and retail banks. As CEO of the bank, Danyon led the transformation from a regional credit institution to an international payment and transaction bank. Prior to his role as CEO of Privatbank 1891, Lloyd was a member of the executive board of Royal Bank of Scotland's global payment business, RBS WorldPay. This business includes the bank's global payments activities processing circa €300B worth of electronic payments per year. The business is headquartered in London, with approximately 2500 staff in the United Kingdom, Europe, the United States and Asia. Prior to his roles at RBS, Danyon was direc¬tor, Central Europe, at Opsware, a pioneer in cloud computing, providing highly automated data center capacity as a service to financial institutions, large enterprises and government agencies in the United States and in Europe.