WILMINGTON, Del. -- Maverick Network Solutions Inc., a provider of debit-payment solutions, announced that it has appointed Philip A. Valvardi III as chief executive officer. Valvardi is the former president of the MAC Network, one of the largest debit-payment networks and processors in the United States.
Valvardi is expected to build on the success Maverick has had in providing both branded and unbranded prepaid and debit programs to e-commerce, retail and corporate-funded programs. The company is also a provider of advanced debit and loyalty solutions, including its partnership [image-nocss] with ePark Systems.
"We are very pleased to have Phil Valvardi join the Maverick team," said Maverick board member Saul Richter, partner at Emerald Stage2 Ventures. "Phil brings a unique set of leadership skills, payments industry expertise, financial acumen and broad executive experience to Maverick. Phil will be able to leverage the recent successes of the Maverick team as we continue to expand our business and pursue additional strategic initiatives."
Valvardi led the growth of the MAC Network to $300 million in annual revenue and continued as president after the network was sold to Concord EFS, which was subsequently acquired by First Data. He has more than 20 years of experience in the electronic payments space. Valvardi has previously served as chief development officer for FreedomPay Inc. and director of corporate development for Electronic Payments Services Inc.
He also held executive positions in the electronic payments and financial divisions of CoreStates Financial Corp., now part of Wells Fargo Bank. Valvardi has served on the Board of Directors of Money Access Corp, the Network Executives Council and the Electronic Funds Transfer Association.
"I am excited about the opportunity to join Maverick and am confident we will continue to expand our business of providing prepaid, private-label debit, and loyalty programs along with customized debit solutions," said Valvardi.
Maverick Network Solutions, Wilmington, Del., provides clients with access to the national bank card networks through a wide range of payment solutions, including private-label debit cards, prepaid corporate gift cards and employee incentive cards.
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