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Tue, 11 Aug 2020 13:49:20 -0500
2016-03-22 Print

Payment security startup, token, selected to participate in leading New York FinTech accelerator


(New York, NY): token, a payment security startup, has been selected among the top-10 enterprises for the FinTech Startupbootcamp accelerator in New York, providing token the opportunity to grow the company under the guidance of corporate partners, including MasterCard Santander, Deutsche Bank, Rabobank and others.

FOR IMMEDIATE RELEASE

(New York, NY): token, a payment security startup, has been selected among the top-10 enterprises for the FinTech Startupbootcamp accelerator in New York, providing token the opportunity to grow the company under the guidance of corporate partners, including MasterCard Santander, Deutsche Bank, Rabobank and others.

token is on a mission to help people avoid experiencing payment fraud and identity theft and save merchants and financial institutions up to billions in fraudulent transactions. token’s mobile application empowers consumers to generate “payment alter-egos” for their existing payment cards. These alternate details include name, payment number and billing information, all required to complete an online and over-the-phone payment transaction.

Through these alternate payment identities, token creates a vast distributed database of detectors that enable token’s proprietary algorithm to identify fraud attempts and merchants data breaches, early on with high accuracy. These early stage alerts enable banks and issuers to identify ahead of time specific accounts that may be subject to fraud, helping solve a $32 Billion annual problem. token is designed to work with the existing payment infrastructure meaning token can be used at almost every merchant starting today.

Startupbootcamp FinTech NYC managing director Jesse Podell: "“It is our pleasure to welcome token in our newest cohort of ten exciting FinTech startups that were selected from more than 400 applicants. The local Startupbootcamp FinTech team is looking forward to working with token, and believes this great team of exceptional entrepreneurs will work together with our network of entrepreneurs, investors and corporate partners to bring their vision to life and help eliminate payment fraud"

token’s founder Zohar Steinberg: “We are very excited to join the accelerator and to work closely with 400+ entrepreneurs, investors and corporate partners. The selection process and invitation to join this cohort, confirms that our solution has the potential to really make a difference in people's lives and become a leader in card-not-present payments and fraud detection.”

token is led by a team of Israeli and US entrepreneurs who worked together for almost a decade and have more than 40 years experience in product development, strategy, R&D and operations. They have experience working across multiple industries including security, consumer services and financial services in leading roles for companies like Amdocs, Alcatel-Lucent, Nantworks and super derivatives

FinTech Startupbootcamp will begin this year on April 18th and will last three months, at which time token, along with the other ten companies, will present its progress to more than 500 investors on “Demo Day”.

 
Contact Info
token
140 West St, New York, NY 10007

Phone: 3476878878

Website: http://www.jointoken.com