Token.io, the world’s first bank hosted payment system service provider recently made an announcement stating that it now has a new chief executive officer. As per the announcement made by the firm, has promoted its Chief Operating Officer Todd Clyde who has been with the firm for last three years to role of Chief Executive Officer while Steve Kirsch, who was the former Chief Executive Officer and Co-Founder of the firm has assumed the role of Chief Innovation Officer and retained his position on Token’s board.
As per the statement, the changes made to the designation of respective executives are effective immediately. This change is higher-level managerial roles is viewed by market players as a transition of the firm from start-up to scale up. The changes made to leadership roles at the firm now allows serial entrepreneur Steve to dedicate more of his time towards further enhancing and development of the firm’s product portfolio.
Meanwhile, in his new role as Chief Executive Officer at the firm, Todd is responsible for driving the firms’ open banking business globally. The firms’ board of directors have unanimously approved of the changes made to leadership roles and the responsibilities they carry with them. Some of the other notable innovative products that Steve came up with include – Abaca Technology’s highly accurate institutional-grade anti-spam filter and One ID – a tool designed to make federated identity trustable to negate cybersecurity problem.
In his new role as Chief Innovation Officer, Kirsch is expected to primarily focus on the development of Token’s digital money business more popularly known in the market as Token X, the only digital currency technology that has been designed for use by banks. As per Kirsch’s LinkedIn profile, his firm’s bank hosted payment system enables banks to capitalize on the worldwide move to open banking thereby making their platform a significantly valuable product to banks analogous with value mobile phone hardware gains with the addition of Android software platform.
Commenting on the changes made to leadership roles, Steve stated, “Token has grown from an idea formed in the basement of Stanford into a commercially viable, leading fintech poised to change financial services forever. Open banking is a huge opportunity for banks and fintechs across the world and Token has delivered a product with solid market fit. Now is the right time to pass the baton. I have worked closely with Todd for the last three years and his track record in corporate operations and execution, both at Token and other companies, speaks for itself. I cannot imagine anyone better to take us through the next phase of rapid growth. It also enables me to focus on Token’s next-generation product offerings, including incubating and launching our bank-friendly digital currency”.
Todd who assumes the role of Chief Executive Officer is an industry veteran with more than three decades of experience in financial software sector who has a proven track record of helping start-ups grow into successful business ventures making him an ideal candidate for the role of CEO. Speaking about his new role at the firm, Todd commented, “Open banking is already enabling the next generation of digital financial services. It’s one of the biggest disruptions to hit the payments and banking industries in decades. I’m thrilled to be a part of Token, the established industry leader providing the infrastructure to power these services, at this crucial time”.
Please feel free to share your thoughts with us in the comments below.