Actrade Financial Technologies, Ltd., a leading provider of electronic payment technologies that deliver financial solutions for commercial trade, announced that Alex W. “Pete” Hart, has joined its Board of Directors. The addition of Mr. Hart increases the size of Actrade’s Board from six to seven members.
As a pioneer in the global payments industry, Mr. Hart’s distinguished career includes such prominent roles as President and Chief Executive Officer of MasterCard International (1988 to 1994), and Chief Executive Officer of the Advanta Corporation, a diversified financial services organization (1994 to 1997). He currently serves as a consultant to the industry, where he specializes in payment services and consumer finance with a focus on emerging technologies.
“One of my recent interests is the potential for electronic payment technologies to facilitate commercial transactions beyond that of commercial credit cards — specifically, for large dollar transactions — which represent a significant market opportunity,” said Mr. Hart. “Actrade has a distinct and proven business based on the success of their E-TAD Payment Solution and its supporting electronic payment technology, which is specialized for conducting large dollar commercial transactions. I am excited about the opportunity to serve as a Director on Actrade’s Board, and to be a part of Actrade’s vision for establishing their E-TAD Payment Solution as the standard for commercial trade.”
Prior to joining MasterCard International, Mr. Hart spent ten years at First Interstate Bancorp, the 17-state multibank holding company that is now part of Wells Fargo; initially as President and Chief Executive Officer of First Interstate Services Company, the system-wide technology and operations subsidiary, and then as Executive Vice President of the parent, where he was responsible for consumer banking and operations.
Mr. Hart currently serves as a member of the Board of Directors of several prominent companies, including Global Payments Inc., HNC Software, Sanchez Computer Associates and Silicon Valley Bancshares.
“With Pete’s extensive background in the global payments industry, he brings the type of industry knowledge and insight that will be invaluable to us as we continue to expand distribution of our E-TAD Payment Solution,” commented Alexander C. Stonkus, President and Chief Executive Officer of Actrade Financial Technologies, Ltd. “Pete is an industry visionary and he is highly regarded in the banking, financial services and payments industry. And what is most important to us is that he understands the current and future capabilities of our E-TAD Payment Solution and its ability to capitalize on the vast market opportunity for conducting large dollar commercial transactions. We are honored to have representation on our Board of Directors by an individual with the industry background and professional caliber of Mr. Pete Hart.”
Actrade Financial Technologies, Ltd. (Nasdaq: ACRT) ([www.actrade.com]), is a leading provider of electronic payment technologies that deliver financial solutions for commercial trade. Administered by the company’s subsidiary, Actrade Capital, Inc., the company’s leading product is the Electronic Trade Acceptance Draft (E-TAD(TM)) Program. E-TAD is an irrevocable and negotiable electronic payment obligation, issued by a buyer for a specific sum, to be paid on a definitive date through automatic debiting of a buyer’s designated bank account. E-TAD technology provides online credit, payment, settlement and integration solutions. Through E-TAD, buyers can pay for purchases with terms up to six months while suppliers receive immediate payment. E-TAD facilitates commercial trade by providing a secure, streamlined payment solution for both offline and online purchases. Actrade Capital, Inc. has offices in the U.S. and Canada, through its subsidiary Actrade Capital Canada, Inc.
The company’s International Merchandise Trade division represents various U.S. and foreign manufacturers by buying and re-selling their products in international markets through the application of specialized trade finance techniques.