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, small business credit, and alternative credit services.  In addition, Ken has deep experience in the design and execution of primary research studies, and was responsible for the launch of Mercator’s CustomerMonitor Survey Series.  Previous research management positions include consulting and research firm Spectrem Group, wealth marketing services firm HNW, Inc., and Bank of Boston.  His 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 and banking firms.    Ken has participated in a range of conference speaking engagements and press briefings regarding his various research efforts.  He holds a B.A. 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 Vice President and Managing Director, Custom Research & Consulting irubin@mercatoradvisorygroup.com 781-419-1710 Ian Rubin is vice president and managing director of the firm’s custom research and consulting group. He brings over a decade of global financial services consulting and market research experience to Mercator Advisory Group. Ian is a member of the senior management team, and reports to Mercator's president Rob Misasi. As managing director of Custom Research & Consulting, Ian oversees the firm's strategic and proprietary client work. Client engagements include a variety of market opportunity assessments, benchmarking, and go-to-market support services. He has also developed Mercator's multiclient syndicated research programs. Prior to joining Mercator in June 2009, 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 FRC, Ian was a founding member of Financial Insights, the financial services research 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's career in financial services market research began in 1996 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 has 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 Prepaid Advisory Service. In this role Tim’s team, including Brent Watters and Ben Jackson, monitors industry events, advises prepaid industry leaders on unique business and product strategies, and supports the launch of innovative prepaid programs.  Since 2003, he has managed and directed Mercator's annual prepaid Benchmark series, measuring the growth of 26 market segments, including solutions deployed on Open Loop Card Networks, Closed Loop Networks, and the EBT.  This research was extended in 2009 with the addition of annual surveys that target consumers, prepaid mall operators, issuers, and distributors to establish the industry’s only complete view of prepaid distribution trends, by channel, and product.  This Mercator Advisory Group research is used by all leading program manager and processors to measure their penetration and opportunity, and is often quoted in corporate financial statements such as the Green Dot and Netspend public offering documents. Tim has been an expert witness in federal and state courts and contributed to FDIC research, and is widely quoted in both financial and industry press, including the Wall Street Journal, New York Times, Paybefore, American Banker, and Digital Transactions.  He is a highly sought after speaker both domestically and abroad.  He has participated at industry events that include The Prepaid Expo, ATM, Debit & Prepaid Forum, Card Forum, CTST, EFTA, ETA, NACHA, etc. and has spoken at private events hosted by a wide range of industry participants including the ABA, American Express, Citi, FIS, Fiserv, First Data Corporation, Incomm, and MasterCard.

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 served as Director of the Debit Advisory Service at Mercator Advisory Group since January 2009, bringing over 25 years’ experience in the payments industry to her analysis and coverage of the “pay now” market.  Her career has included holding senior leadership positions at Sun Bank/SunTrust, PaySys International (now First Data International), and Fiserv in addition to her role as principal in her own consulting firm.  Her broad range of industry experience spans multiple payment disciplines, such as 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 payment verticals including debit, credit, private label, healthcare, and merchant services.  Patricia holds a BA from the University of Miami in Florida and has served as an adjunct faculty member at Central Florida College, teaching various business classes and the Florida Bankcard Association School, teaching bankcard operations.  Patricia is often quoted in industry publications including American Banker, Digital Transactions, Creditcards.com, and the Greensheet.  She is a frequent speaker at industry and client conferences.

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 leads the industry’s leading strategic and market consulting and research practice on the global payments industry. IAS’s clients include some of the world’s largest card networks, processors, issuers, acquirers, payment service providers, merchants, and other participants of the payments industry around the world.   Terry has extensive experience in international strategy consulting, investment consulting, strategic marketing planning, and business development in financial services, telecom, IT, and Internet industries. His current focuses include investments and innovations in payments, emerging payments and new technologies, global prepaid markets, and emerging markets in Asia-Pac, Latin America and Europe, among others. Terry has been quoted broadly in major business media and leading industry publications including Bloomberg, American Banker, Cards & Payments, Cards International, Pay Before, Cardline, ATM & Debit News and others. Before joining Mercator Advisory Group, Terry was with Market Platform Dynamics where he led the strategic consulting firm’s 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 China. Terry holds a Bachelor of Architecture from Tsinghua University (Beijing, China) and an M.S. degree from MIT with a focus in information technology and business strategy.

Patricia McGinnis Director pmcginnis@mercatoradvisorygroup.com 781-419-1722 Patricia McGinnis is a 25-year financial services industry veteran, with multi-faceted experience in research, consulting, and product marketing, at the intersection of technology, strategy, and operations.  She commands a wide-ranging view of the global financial services industry and its technical needs, including the perspectives of commercial banker, technology vendor, academic observer, consultant, and industry analyst.  She contributes her skills to both research and consulting activities at Mercator Advisory Group.   Her domains of expertise include: wholesale and corporate finance, including payments and supply chain services, enterprise-wide financial and risk management functions, credit management in both consumer and corporate markets, multi-national solutions of all kinds, and Internet based channel strategies.  Patricia’s specialty is the strategic use of technology to meet business requirements, and her work has included strategic product and business planning, market research, financial planning, competitive positioning and IT organizational strategies. Previously, Patricia served as a director of research for IDC Financial Insights, specializing in corporate and wholesale banking, as well as emerging IT infrastructures and architectures. Prior to joining IDC, Patricia was a director at Mainspring Communications, and also at The Tower Group, in both cases assisting financial industry clients and technology vendors to develop, articulate, and implement technology-enabled strategies for financial businesses. As the initial executive director of the then-new International Financial Services Research Center at the MIT Sloan School, she stimulated and guided the knowledge-sharing process between top-tier financial firms and award-winning academics.  She began her career in international banking, but developed her interest in the technology foundation of financial services during several years providing marketing and sales support for a global hardware vendor. Patricia is a well-known speaker in the area of technology’s impact on the strategic management of financial services firms overall, and on individual lines of business.  She holds a bachelor of arts degree in economics from Harvard University, a master of science degree in management from the MIT Sloan School, and a master of science degree in computer information systems from Bentley College.

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,  point-of-sale security and best practices, company-specific and industry-wide regulations and operating procedures, and business process analysis. In his time with Mercator, Dave has led research initiatives focused on the merchant acquiring space, supporting clients already active as merchant acquirers and processors, organizations considering and executing market entry strategies, and vendors selling into the merchant services market.  In addition to coverage of payment acquiring, Dave contributes to Mercator’s expertise around issues of payment acceptance, fraud management, back-office merchant solutions, value-added resellers, services, and technology, and innovation at the point-of-sale. Dave has been quoted or published in several leading payments industry trade publications and other news outlets including ABC News, American Banker, Digital Transactions, The Green Sheet, GSQ, Intele-Card News, ISO & Agent, The Kiplinger Letter, PaymentSource, Prepaid Press, Prepaid Trends, Thomson Reuters, Transaction Trends, Selling Prepaid, and The Washington Post.  His research documents and presentations have also been used to support internal client communications and events, conferences, and trade shows. Dave has both an M.A. and a B.A. in English from SUNY 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.

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 B.A. in Economics from Boston College.

Paul Sant Senior Account Manager psant@mercatoradvisorygroup.com 781-419-1708 Paul Sant is the Senior Business Development and Key Client Relationship Manager for the Mercator Advisory Group.  Since 2005, Paul has worked to bring many of the largest institutions, processors, networks, and organizations with a stake in the payments value chain into Mercator’s membership. In addition to working closely with key accounts, Paul is responsible for the development of new business in the central United States, Canada, Germany, Italy and Switzerland.  Paul started his career in the research & advisory industry as a sales manager with Livermore Research, a payments industry primary research firm.  For this start up he established relationships with organizations such as 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” conferences. Paul earned his Bachelor of Science degree in Management at Ithaca College, where he was a four-year letter winner on the Men’s Soccer Team.

Jim Stone Senior Account Manager jstone@mercatoradvisorygroup.com 781-419-1723 Jim Stone is responsible for Mercator Advisory Group’s relationships with clients in the Southeastern United States, Latin America and Europe. Jim has 20 years of experience in sales, marketing and business development and has held senior account management roles at several leading research, consulting and financial services firms.  Before joining Mercator, Jim was responsible for developing and managing major client relationships for Lux Research Inc., IDC Research and the risk consulting division of BDO Seidman.  During his career, Jim has advised clients across a diverse set of industries including  financial institutions, technology providers,  leading corporations and government entities.  Jim’s clients have ranged from start-ups to global enterprises. Jim has a BS in Mass Communication from Boston University and an MBA from Babson College’s F.W. Olin Graduate School of Business.

Christine Woltag Senior Account Manager cwoltag@mercatoradvisorygroup.com 781-419-1707 Christine Woltag is responsible for Mercator Advisory Group’s West Coast and Asia Pacific region. Christine’s background includes 18 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 B.A. in English from Boston College.

Sheila Pichette Executive Assistant spichette@mercatoradvisorygroup.com 781-419-1700 Sheila Pichette is a seasoned Executive Assistant who manages daily office operations in support of organizational and senior executive goals. She has worked for high profile companies including IBM, Mercury Computers and Wang Laboratories. Prior to joining Mercator, Sheila worked for Virtual Iron Software, playing a significant role in assisting executives in the integration implementation of the company after it had been acquired by Oracle Corporation.

Annie Chekijian Accounting achekijian@mercatoradvisorygroup.com 781-419-1714