Emergent Financial Group, a company specializing in fee-based transaction data processing for non-bank consumer financial services, has announced that Max Lucas has joined the board of directors and has been appointed chief financial officer. Mr. Lucas was formerly chief financial officer and a director of Citibank Credit Services. Prior to his eight years at Citibank, Mr. Lucas was controller and senior vice president at First Chicago, now a part of Bank One (NYSE:ONE), where he worked for twenty-two years.
“Emergent is fortunate to welcome Mr. Lucas to both our board and as our CFO,” said Jason Galanis, chairman and chief executive officer. “His extensive financial services experience in banking and transaction processing is perfectly suited to our Point-of-Sale operations.”
In addition to accounting, financial forecasting and operational responsibilities in connection with his prior positions, Mr. Lucas has also implemented three decades of executive level compliance functions, including risk management, policies and procedures and other regulatory and compliance matters. Mr. Lucas will oversee the subsidiaries of Emergent from the new 11,500 square foot Service and Data Center opened in Boulder, Colo., which includes a 5,000 square foot expansion currently underway.
“I am looking forward to contributing to the growth of Emergent as the company deploys its technology solutions,” said Mr. Lucas. “Banking over the past decades has undergone many changes as a result of new technologies and I believe that Emergent possesses innovative, ground breaking point-of-sale systems.”
About Emergent Financial Group
Emergent ([www.emergentgroup.com]) is a financial services holding company, which owns and invests in transaction processing companies that provide non-traditional financial services, including services distributed through Point-of-Sale technologies. The Company is principally engaged in building a distribution network for non-bank financial services delivered through counter-top point-of-sale technologies in retail locations throughout the country and in selected overseas locations. A principal objective of Emergent is to establish and expand a ubiquitous delivery platform capable of generating multiple revenue streams from each retail location. Emergent’s subsidiaries generate recurring fee-based revenue by charging consumers service fees for financial services transactions, such as non-bank wire transfer services. The Company is developing other technologies that may be synergistic and can generate additional revenue through existing installed terminals such as card-based technologies and services like niche credit card, debit card, chip-embedded (or “smart”) card, other stored-value cards and various point-of-sale technologies.
KeyCom, a wholly owned operating subsidiary of Emergent, has developed proprietary transaction processing software and related systems branded as XTRAN(TM) that permit the collection and subsequent instantaneous remittance of cash to remote locations throughout the world. The XTRAN technology provides the same full range of services as traditional cash remittance companies at significantly reduced costs. In addition, XTRAN is fully Web-enabled and its software is downloadable to credit card merchant terminals. The core of the system is the Automated Bank Capture and Settlement Software (A-B-C’ss), which is able to record cash-based transactions at point-of-sale in a globally distributed geographic network utilizing industry standard credit card merchant terminals. It then transmits the digitized transaction information to any other destination in the world using the Internet, thereby allowing immediate disbursement of the funds to a third party upon presentation of proper identification. The expatriate community in the United States is estimated to account for the majority of the $40 Billion in international cash transmissions originating from the US in 2000, a market growing at 15% annually. The Company derives its revenues from transaction processing fees, net of commissions paid to certain selling agents.
More Information on KeyCom and XRAN is available at [www.xtrancash.com].
More information is available from Emergent Financial Group, Inc., Boulder.