MasterCard Worldwide today announced the launch of MasterCard Labs, a new global Research & Development arm dedicated to bringing innovative payment solutions to market with greater speed than ever before. The company also announced the appointment of Garry Lyons as Group Executive, Research & Development, who will oversee MasterCard Labs, effective April 30, 2010. To view a short video on this announcement please visit: http://www.youtube.com/watch?v=wKa1yy1a0fc
Supporting breakthrough innovation efforts is at the heart of differentiating MasterCard from our competitors, and key to sustaining our competitive advantage in the marketplace, says Ajay Banga, MasterCard president and chief operating officer. With products such as PayPass, MoneySend, and inControl or even our most recent partnership with Next Jump – MasterCard is known as a major contributor to the modern payments landscape. Todays announcement is about putting a stake in the ground to underscore our commitment to innovation in a way that will allow us to be responsive to both our customers and consumers current needs. Banga concluded, As the world continues to migrate toward a cashless society, we will be focused on delivering whats next, faster and more efficient than ever before.
Through MasterCard Labs, Lyons will be responsible for building payment advancements and leveraging enhanced time-to-market capabilities to drive innovations through conceptualization, proof of concept, pilot, and support commercialization, in order to deliver additional value to customers and consumers. He will assemble a globally diverse research and development team tapping into the broad knowledge of MasterCard payment experts and technologists worldwide.
The launch of MasterCard Labs will allow us to ideate, incubate and test new ideas, keeping MasterCard at the forefront of advancing commerce, says Rob Reeg, MasterCard president, global technology and operations. Garry is the right person to lead this new organization, based on his in-depth knowledge of the payments industry and the record of success he has shown with innovation at Orbiscom.
Our customers are eager to see and experience whats next in payments and more importantly, what resonates with consumers, says Josh Peirez, group executive of innovative platforms, MasterCard. Under Garrys leadership, the MasterCard Labs team will partner closely with our Innovative Products team to quickly produce the industry-leading solutions they are looking for.
Previously, Lyons served as the Chief Executive Officer for Orbiscom. Prior to MasterCards acquisition of Orbiscom in December 2008, Lyons was responsible for defining strategy and the overall executive management of Orbiscom. With Orbiscom since its inception in 1999, he has significant experience in the software and financial services industries, primarily focused on the technology and business development aspects of deploying complex large scale systems to global financial services institutions. Before joining Orbiscom, Lyons held senior technology and management positions with Cognotec, Credo and ICL.
Statements in this press release which are not historical facts, including statements about MasterCards plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the companys ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation:
- The Companys ability to bring innovative payment solutions to market with greater speed as a result of the creation of MasterCard Labs.
- The Companys ability to deliver new products and services that facilitate the migration to a cashless society faster and more efficiently.
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the companys filings with the Securities and Exchange Commission (SEC), including the companys Annual Report on Form 10-K for the year ended December 31, 2009, the companys Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that were filed with the SEC during 2009 and 2010, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the companys results to differ materially from expected results.
Jennifer Stalzer , 914.249.5325
Amanda Gioia , 636-722-6736
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