Robert Misasi President & CEO rmisasi@mercatoradvisorygroup.com 781-419-1702 Robert Misasi is the founder and President of Mercator Advisory Group. He has advised many of the world’s top financial institutions on business and technology issues and has managed strategic market research and consulting assignments for members around the globe. He and Mercator Advisory Group are frequent contributors to leading industry publications including: American Banker, The Wall St. Journal, Digital Transactions, Bank Technology News, Card Forum International, Card Technology, Smart Card News, CardLine, Cards & Payments, The Green Sheet, and ATM & Debit News. Robert has spent the past 15 years serving the financial services industry. His background includes multiple years with TowerGroup (currently owned by MasterCard International), Meridian Research and with Deloitte & Touche, LLP. Robert is committed to the belief that Focus and Service are the two attributes that drive successful membership-based research firms. Mercator Advisory Group is a prime example, providing for a more efficient research spend by having a team dedicated solely to payments industry related issues. There is an enhanced knowledge base, more experienced staffing on-hand for inquiries and the comfort in knowing that all resources are directed to furthering the payments industry charter. Robert is also a private investor in market research and financial services oriented advisory/consulting firms. Robert graduated with concentrations in Accounting and Entrepreneurial Management from the Wharton School at the University of Pennsylvania.

Dan Murray Advisor to the CEO dmurray@mercatoradvisorygroup.com 781-419-1700 Dan Murray is an Advisor to the CEO for Mercator Advisory Group and has over thirty seven years of Financial Services Experience including management consulting, M&A, and held senior management positions at several financial global leaders. Specific Experience includes: Management Consulting.  Twelve years of consulting and advisory engagements as a member of the leadership team for PSI. and for  Tower Group.  Expertise include:  Payments, Cards, Merchant Services, Retail Banking and Small Business Management. General Manager. United States Cards, MasterCard International.  Responsibilities include:  Marketing, Co Branding, Promotions, Product Management and Development, Research and Member Services. Managing Director MHT.  Responsible for the Card and Merchant Businesses. Held executive positions at Citigroup covering the Retail and Commercial Banking Groups, Cards, Payments, Marketing and Business Development. Held senior marketing positions for American Express in the Consumer and Business Card Groups. Dan has an MBA from Fordham University and a BBA from St. John’s University.

Bob Landry Vice President, Banking Group Advisory Services rlandry@mercatoradvisorygroup.com 781-419-1711 Bob Landry has over 30 years of technology related experience and is an expert on the use of technology by financial institutions.  Bob’s areas of expertise include:·   Financial industry business and technology trends Utilizing product innovation to enhance market value Customer experience management Transaction processing and multi-channel delivery strategies Core system architectures and solutions  Impact of  evolving technology trends on business models and solution architectures Service Oriented Architectures  Before joining Mercator, Bob served as Partner, Director of Banking and Financial Markets Strategy at CGI a $4 billion+ global diversified supplier of end to end IT and business process services with over $1.5 billion in annual revenues in the financial services industry.   Bob lead CGI’s US based banking and investment strategy group and also served as a senior executive consultant assisting clients in identifying opportunities to differentiate and reduce costs by deploying innovative technology solutions and new business models.  Before CGI, Bob worked for the TowerGroup from 1995 until 2006, most recently as Vice President and Chief Research Officer. Starting as a retail banking analyst, Bob was responsible for building  several research  practices  covering core systems, customer strategies, delivery channels, consumer lending, retail payments, emerging technologies, financial services strategies and IT spending topics.  In his various roles at TowerGroup he guided the production of over 1,000 research papers on banking, insurance, and cross-industry topics, was a much sought after speaker and moderator at major industry conferences, consulted with major institutions on how to use technology for competitive advantage and advised leading vendors on their financial services strategy.  Bob has an excellent knowledge of both domestic and international financial services businesses, as well as a wide range of technology planning, product development, and implementation experience.    Bob has spoken frequently at events held by major industry associations, including Bank Administration Institute, American Bankers Association, and European Financial Management and Marketing Association

Ken Paterson VP Research Operations / Director, Credit Advisory Service kpaterson@mercatoradvisorygroup.com 781-419-1715 Ken Paterson has over 25 years experience in financial services market research, strategic planning and consulting, including payment services experience with Visa International, Visa USA, Fair, Isaac and Company, and Bank of Boston.  His payments-related experience encompasses market and business case modeling, competitive analysis, product development, product positioning, and assessment of international payment system opportunities.  His ongoing consumer and competitor research includes reward and loyalty card programs, collections practices, credit scoring, direct marketing, small business credit, and alternative credit services. In addition, Ken has deep experience in the design and execution of primary research studies, especially as Practice Leader for Research with consulting and research firm Spectrem Group, as VP for Research with marketing services firm HNW, Inc., and as Market Research Manager at Bank of Boston.  Ken's primary research experience includes the design and management of large scale sample survey and qualitative research projects for some of the nation’s largest asset management firms.  He has participated in a range of conference speaking engagements and press briefings regarding his various research efforts. Ken holds a BA from Bates College, and an MSW in applied research from Boston College.  He has held adjunct faculty positions at Boston College, Boston University, and the American Institute of Banking.

Ian Rubin Managing Director and Vice President, Custom Research and Consulting irubin@mercatoradvisorygroup.com 781-419-1710 Ian Rubin is vice president and managing director of the firm’s custom research and consulting group. Rubin brings over a decade of global financial services consulting and market research experience to Mercator Advisory Group. He remains one of the leading authorities on bank technologies. Ian’s career in financial services market research and consulting began in 1996. Prior to coming to Mercator Advisory Group, Ian served as senior vice president of Financial Research Corporation’s asset management research and consulting business. Ian was responsible for overseeing research programs, bringing new services to market, and developing and managing long-term client relationships. Prior to his position with Financial Research Corporation, Ian was a founding member of Financial Insights, a subsidiary of technology market research firm IDC, where he led its consulting practice. Prior to joining Financial Insights, Ian was the founding director of IDC’s online financial services research group. Ian began his career as a senior analyst at TowerGroup, where he was responsible for retail banking delivery channel research. Ian earned a master of business administration from Columbia Business School and a bachelor of arts in economics from Brandeis University.

Tim Sloane VP Client Services / Director, Prepaid Advisory Service tsloane@mercatoradvisorygroup.com 781-419-1712 Tim Sloane is the Director of Mercator Advisory Group’s Debit and Prepaid Advisory Service. In this role he advises members throughout the year on business strategy and prepaid, debit, ACH, and EFT related initiatives. He is frequently quoted in leading industry publications including: American Banker, ATM & Debit News, Bank Technology News, Cards and Payments, Digital Transactions, The Green Sheet, CardLine, Federal Reserve Board Research Papers, Intelecard News, Payment News, The Prepaid Press, Transaction Trends, Transaction World, Windows in Financial Services, Business Week, InfoWorld, CNN, CNET, and CIO. Tim has been a speaker at industry events that include ATM & Debit Forum, Card Forum, CTST, EFTA, ETA, NACHA, Prepaid Card Expo, and has spoken at private events hosted by a wide range of industry participants including the ABA, American Express, eFunds, First Data Corporation, and MasterCard. Tim’s project and consulting experiences have included: Optimizing the prepaid rollout strategy for a major international processor Providing expert witness testimony on a major mall-based prepaid card program Developing and conducting win/loss sales evaluation processes for competitive reviews Developing strategic market assessments and business case analysis for a variety of processors and issuers concerning new markets and capabilities required Tim has spent the past 28 years in the IT industry in senior strategy, marketing, and management positions. He has deep expertise in strategic planning, benchmarking, IT assessments, as well as the positioning and marketing of new products and services. Over the past four years he has built a practice housing the leading Prepaid and Debit analyst coverage available related to these markets. His background includes 10 years at Wang Laboratories, work at startups Tilion and Insynch Software, and over six years with the Aberdeen Group, a Boston-based research and advisory services firm. At Aberdeen, Tim served initially as the Managing Director for their Internet Infrastructure practice before being named Director for their CIOAccess practice.

Brent Watters Director of Marketing / Analyst, Prepaid Advisory Service bwatters@mercatoradvisorygroup.com 781-419-1709 Brent Watters has spent the past 13 years in marketing, communication, analysis and content development roles. Prior to joining Mercator Advisory Group, Brent served as Senior Editor for Prepaid Media, Inc. and was responsible for developing market analysis, case studies, and editorial content focused on industry and competitive analysis.  In addition, he managed a team of authors writing high level, strategic content focused on the prepaid payments industry. Brent joined Prepaid Media after spending years with SourceMedia, as Senior Editor, launching and managing production for Prepaid Trends.  This followed editorial positions at ATM&Debit News and ISO&Agent.  Brent brings a significant industry analysis background, coupled with investigative research skills and an already developed network of contacts throughout the prepaid industry.  He has been active in the space since its early widespread adoption and is actively engaged with leading players in the prepaid industry through his role at Mercator Advisory Group.  Brent has contributed to numerous strategic assignments concerning the rollout of prepaid cards by leading industry processors and has worked for many of the top 10 banks and top program managers looking at their payroll, general purpose reloadable, gift and incentive prepaid strategic initiatives. Brent is frequently quoted in leading industry publications including: American Banker, ATM & Debit News, Cards and Payments, Digital Transactions, The Green Sheet, CardLine, Payment News, and The Prepaid Pres. Brent has a B.A. in Journalism and Minor in Marketing from Western Illinois University. _____________________________________________________________________

Patricia Hewitt Director, Debit Advisory Service phewitt@mercatoradvisorygroup.com 781-419-1719 Patricia Hewitt has over 25 years' experience in the payments industry including holding senior leadership positions at a major commercial bank, leading software developer to the industry, and a Fortune 500 financial services company, in addition to her role as principal in her own consulting firm. Her broad range of industry experience includes merchant acquiring, debit product development, retail and bankcard credit software support and development, as well as service bureau processing operations, sales and marketing, and strategic alliance management. Throughout her career, Patricia has had the opportunity to work with industry leaders across many payments disciplines on a wide variety of payments product strategies including debit, credit, private label, healthcare, and merchant services. She began her career managing merchant portfolios for Sun Bank (now SunTrust) in Florida and eventually oversaw all of the bank's third party credit processing relationships. Patricia was responsible for building and managing a combined product support team for PaySys International (now First Data International) as well as starting her own consulting firm before joining Fiserv. As Vice President of Business Development for CPS,  Patricia was responsible for strategic business alliances, product development, and marketing. Prior to joining Mercator Advisory Group, Patricia was the principal in her own consulting firm, working with clients on a wide variety of payments and business-related initiatives. Patricia holds a BA from the University of Miami in Florida. She has held adjunct faculty positions at Central Florida College and the Florida Bankcard Association School and is an accomplished business writer. Patricia has been a speaker and/or participated in and moderated numerous conference panels on payment products and issues as well as general business topics.

George Peabody Director, Emerging Technologies Advisory Service gpeabody@mercatoradvisorygroup.com 781-419-1716 George Peabody is the Director of Mercator Advisory Group's Emerging Technologies Advisory Service.  Besides researching technology innovations critical to FIs, processors and retailers, George provides strategic and tactical consulting to the company's members. Over his 25 year career in the IT industry, George has held senior leadership positions in software development, marketing, project management, and market research.  He is a co-founder of payment identity switch company Payment Pathways. At Boston's Aberdeen Group, he was Vice President of its telecommunications research practice. George has also managed government relations activities and served on the board of directors of multiple private businesses and major non-profits. George’s current research is focused on mobile payment, banking and m-commerce technologies, their impact on the mobile ecosystem including financial institutions, processors, merchants, mobile operators and consumers. His research work also includes investigations into merchant self-processing, security, point-of-sale trends, contactless cards and digital content markets.  George frequently presents at tradeshows and client engagements including the annual events of the Electronic Transaction Association, Smart Card Alliance and Card Tech Secure Tech (CTST) shows. He has been quoted widely in media outlets including Business Week, American Banker, Digital Transactions, ISO & Agent and others. George sits on the Electronic Transaction Association’s Technology Committee.

Terry X. Xie Director, International Advisory Service txie@mercatoradvisorygroup.com 781-419-1704 Terry Xie is the Director of Mercator Advisory Group’s International Advisory Service, where he provides industry coverage and consulting service on international payments markets to Mercator’s members and clients worldwide. Terry has extensive experiences in strategy consulting, investment consulting, and market research in financial services, telecom, IT, and Internet industries. Terry has in-depth knowledge about the Asia-Pacific and the European markets. Before joining Mercator Advisory Group, Terry was with Market Platform Dynamics, a strategic consulting firm focused on payments industry, where he led the overall efforts of industry and vertical research. Previously, Terry also worked as a technology market strategy analyst at IBM’s T.J. Watson Research Center, and held different consulting and industrial positions with leading firms in the U.S. and Asia. Terry holds a Bachelor of Architecture from Tsinghua University (Beijing, China) and an M.S. degree in information technology and business strategy from MIT. While at MIT, Terry worked as a research assistant at the MIT Sloan School of Management and the System Design and Management program (SDM). He also spent two years studying VR Environment and HCI at Pennsylvania State University.

Elizabeth Rowe Director, Retail Banking Advisory Service erowe@mercatoradvisorygroup.com 781-419-1703 Elizabeth Rowe is the Group Director of Mercator's Banking Advisory Services. Since joining Mercator in December 2007, Elizabeth has worked with, and advised clients on, achieving efficiency and profitability in their strategic retail banking product development and distribution channel mix, technology budget allocations, emerging demographic cohort marketing initiatives and bank and non-bank competitive assessments. Prior to joining Mercator, Elizabeth spent 11 years at Guideline (formerly FIND/SVP) working with large retail and corporate banks and their vendors as the leader of its Financial Services Group. At Guideline, she also introduced and directed the company's Private Capital Research Center providing deal flow acceleration in the due diligence process for private equity clients. Her background also includes a senior position at a boutique investment firm and owning two small services businesses in Manhattan. Elizabeth has taught at the ABA School of Bank Card Management and frequently presents at leading conferences for the banking, credit union and nontraditional financial services industries. Conference sponsors have included CO-OP Financial, Union Bank of California, The Community Bankers Association of Oklahoma, Jack Henry Inc., and Financial Service Centers of America. Elizabeth is frequently quoted in the financial press including The Economist, The Wall Street Journal, American Banker, Forbes, digital transactions, creditcards.com, Business Week, Cardline, The Canadian Press, The Daily Deal, CNN/fn, and Money Management Executive. She has an A.B. from Harvard University and completed her graduate work at the University of North Carolina at Chapel Hill.

David Fish Senior Analyst dfish@mercatoradvisorygroup.com 781-419-1718 David Fish has operational and managerial experience in the acquiring and merchant payment processing sector of the payments industry, having held positions at North American Bancard, Inc. and Global Payments, Inc.  His background includes significant work in fraud investigation and risk management, loss recovery, company-specific and industry-wide regulations and operating procedures, and business process analysis. In his time with Mercator, David has led research initiatives focused on the merchant acquiring space, supporting clients already active as merchant acquirers and processors, as well as organizations considering and executing market entry strategies.  In addition to coverage of payment acquiring, David contributes to Mercator’s expertise around issues of payment acceptance, fraud management, commercial payments, ecommerce payments, and loyalty and marketing innovations, especially those that leverage processes delivering Merchant Funded Discounts. David has been quoted or published in several leading payments industry trade publications and other news outlets including American Banker, CardLine, CardLine Global, Cards & Payments, Digital Transactions, The Green Sheet, GSQ, Intele-Card News, ISO & Agent, Prepaid Press, Prepaid Trends, Transaction Trends, and Selling Prepaid.  His research documents and presentations have also been used to support internal client communications and events. David has both an M.A. and a B.A. in English from SUNY, College at New Paltz.

Ben Jackson Sr. Analyst, Prepaid Advisory Service bjackson@mercatoradvisorygroup.com 781-419-1706 Ben Jackson brings a broad base of payments and banking experience to his role as a senior analyst in Mercator’s Prepaid Advisory Service. Immediately prior to joining Mercator, Ben worked as an independent consultant for a variety of clients, including the National Community Investment Fund, for whom he documented the intricate workings of the prepaid card industry and outlined go to market strategies to aide banks in developing business plans for using prepaid cards to serve those without bank accounts. For almost a decade, Ben covered the prepaid industry and community banking for SourceMedia, where he served as an editor for Prepaid Trends, Mobile Banker, and worked as a leading writer for the American Banker. Ben's research and analytical background also includes work as a municipal bond analyst for Federated Investors Inc. Ben holds a B.A. degree in Classics and Political Science from the University of Pittsburgh, and a Master’s degree from Northwestern University’s Medill School of Journalism.

Paul Sant Senior Account Manager psant@mercatoradvisorygroup.com 781-419-1708 Paul Sant is responsible for Mercator Advisory Group’s Central US and Pacific NorthWest accounts, Central and South America, as well as those based in the United Kingdom and the Netherlands. Paul has spent more than 17 years in marketing, sales, and sales management. His background includes work with Moore North America as Major Account Representative, Service Point USA as a Senior Account Executive, and Livermore Research as Director of Sales and Marketing. His experiences managing key accounts have included work with New York Life, Liberty Mutual, IDC, General Dynamics. While with Livermore Research, a payments industry primary research firm, he worked with Citigroup, MasterCard, Household Financial, American Express, and JP Morgan Chase/Bank One. He was also a key member in the development of Livermore’s “Credit Cards Online” conference. Paul holds a BS from Ithaca College.

Christine Woltag Senior Account Manager cwoltag@mercatoradvisorygroup.com 781-419-1707 Christine Woltag is responsible for Mercator Advisory Group’s North East Region and selected European accounts. Christine’s background includes 13 years in sales and leadership experience. Her most recent positions have been with Darwin Partners, a leading technology services organization, and Financial Insights (an IDC Company). Prior to this, Christine spent nine years with Forrester Research, having joined Forrester when it was privately held with only 33 employees. Christine served Forrester as an award-winning account manager with consistently exceptional performance. Christine holds a BA in English from Boston College.

Tom Roan Senior Account Manager troan@mercatoradvisorygroup.com 781-419-1705 Tom Roan is responsible for Mercator Advisory Group’s relationships with clients and prospects in the Northeast US and in the UK. Tom has more than 25 years experience in sales, marketing, consulting and management roles in the technology, financial, and advisory services markets. Before joining Mercator, Tom performed in both sales and consulting capacities for Financial Insights, after having worked with Internet Commerce Corporation, TowerGroup, Atlantic Data Services and EDS in the past. Tom holds a BA in Economics from Boston College.

Rebekah Fickett Accounting / Office Manager rfickett@mercatoradvisorygroup.com 781-419-1714 Rebekah Fickett is an Accounting/ Office Manager with Mercator Advisory Group.  She manages daily office operations, all accounting functions including accounts payable, accounts receivable, payroll, and financial statements in addition to all Human Resource needs. Prior to Mercator, Rebekah has served as an office manager, executive assistant, and full charge bookkeeper for the past 5 years, in a variety of retail and service oriented businesses.

Ronald Misasi CFO ron.misasi@mercatoradvisorygroup.com 781-419-1700 Ronald Misasi has over twenty-five years of experience in the information services industry. While with Grumman Corp., he served as chief financial officer of its publicly held subsidiary NAC&C as well as treasurer of its wholly owned subsidiary SDPS, Inc. He has also served as chief financial officer of the following companies: International Computer Services, Inc., a wholly owned subsidiary of Raytheon Corp.; Access Data Services, Inc.; and Decision Products Services, Inc. Ron is a graduate of Boston College and holds a BS degree in Accounting.