SOURCE: Credorax


February 04, 2015 09:30 ET

Credorax Appoints Joshua R. Floum as Chairman of the Board of Directors

Former Visa Executive Vice President & General Counsel Prominently Known as One of the Key Leaders in Taking Card Scheme Globally Public

BOSTON, MA--(Marketwired - Feb 4, 2015) - Credorax, the digital merchant acquiring bank, today announced that it has appointed Joshua R. Floum as Chairman of the Board of Directors. In this new role, Mr. Floum will leverage his 30 years of expertise and experience in financial services, payments, advanced technologies, governance and risk initiatives to further facilitate the company's growing role as a leading, global merchant acquiring bank.

Prior to joining Credorax, Mr. Floum served as the Executive Vice President and General Counsel at Visa, Inc., reporting to Visa Inc.'s Chief Executive Officer and serving on its Executive Committee. Mr. Floum was instrumental in guiding Visa through its merger and birth as a global public company, which led to the then-largest IPO in U.S. history. He devised the company's "retrospective responsibility" plan, which shielded the new organization from legacy legal liabilities, and built Visa's legal and government relation departments to global world-class scale. 

"With licenses now solidified across Europe and Japan and in the near future in the U.S., Credorax is on the brink of becoming the first global smart acquirer. It is therefore critical that we move forward with an even stronger global board of directors," said Benny Nachman, CEO of Credorax. "Josh's proven success at Visa makes him a natural to serve as our chairman. He is able to draw upon his experiences to deliver the perfect balance of legal expertise, leadership skills and deep knowledge of the intricacies of payments."

Before joining Visa, Mr. Floum served as Chairman of the California litigation practice of Holme, Roberts & Owen, where he specialized in antitrust and competition law, intellectual property, bankcard and banking practices, and telecommunications law. Passionate about making a difference in people's lives through law, Mr. Floum took on several pro bono cases including a number of political asylum, civil rights and poverty law cases, while a senior partner at Heller, Ehrman, White & McAuliffe.

"Whether it was a civil rights case or escalating Visa to a public company, I have always been a big believer in supporting 'changes,' as they only lead to better situations and opportunities for all parties involved. Credorax, with its technology-driven and merchant-centric approach to acquiring, in my eyes, is a definite and welcome game-changer in the payments industry," said Joshua R. Floum, Chairman of the Board of Directors of Credorax. "Together with Benny and the rest of the company, I look forward to making 2015 the year Credorax becomes a global bank for the merchant. One that enables, through its singular payment platform, any merchant -- regardless of its size or geographical location -- to profit from untapped, new consumer e-commerce markets that were not available to them prior due to regulatory or technological obstacles."

Mr. Floum received his B.A. in international economics and political science from the University of California, Berkeley and his J.D. from Harvard Law School. He is a longstanding member of the Lawyer's Committee for Civil Rights and a Director and member of the Executive Committee of the Board of Earth Island Institute, a nonprofit conservation organization. Mr. Floum has published extensively in the areas of intellectual property, international law and wildlife conservation. He is a member of the Bar of the United States Supreme Court.

About Credorax:

Credorax's Smart Acquiring solutions are based on its proprietary payment platform, ePower™, a Unified Transaction Processing & Acquiring platform built to optimize the payment and acquiring lifecycle process for multi-channel retail environments. Credorax is the first high-tech company to become a principal member of Visa and MasterCard and a PSD-licensed financial institution in Europe. For more information please visit or follow on Twitter @credorax.

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