Maverick Names Philip A. Valvardi, III Chief Executive Officer

Published October 29, 2009

Maverick Network Solutions Inc, a leading provider of debit payment solutions, announced today that it has appointed Philip A. Valvardi, III as Chief Executive Officer.   Valvardi is the former President of the MAC Network, one of the largest debit payment networks and processors in the United States.  

Valvardi is expected to build on the success Maverick has had in providing both branded and unbranded prepaid and debit programs to ecommerce, retail and corporate funded programs.  The company has also been a successful provider of advanced debit and loyalty solutions including its partnership with ePark Systems.  

“We are very pleased to have Phil Valvardi join the Maverick team,” said Maverick board member Saul Richter, partner at Emerald Stage2 Ventures, “Phil brings a unique set of leadership skills, payments industry expertise, financial acumen and broad executive experience to Maverick.  Phil will be able to leverage the recent successes of the Maverick team as we continue to expand our business and pursue additional strategic initiatives.”

Valvardi led the growth of the MAC Network to $300 million in annual revenue and continued as President after the network was sold to Concord EFS, which was subsequently acquired by First Data.  He has more than 20 years of experience in the electronic payments space.   Valvardi has previously served as Chief Development Officer for FreedomPay, Inc. and Director of Corporate Development for Electronic Payments Services, Inc.  He also held executive positions in the electronic payments and financial divisions of CoreStates Financial Corp., now part of Wells Fargo Bank.  Valvardi has served on the Board of Directors of Money Access Corp, the Network Executives Council and the Electronic Funds Transfer Association.

“I am excited about the opportunity to join Maverick and am confident we will continue to expand our business of providing prepaid, private label debit, and loyalty programs along with customized debit solutions.” said Valvardi.  “Maverick is fortunate to have an existing team of high caliber payment professionals led by our President, Jim Shanahan.   The Maverick team has made significant progress over the past year in bringing on new business and becoming an authorization processor into the leading payment networks. Chief Technology Officer, Tony Newshel, has built a new, state-of-the-art debit payment processing platform which provides a robust, highly scalable system utilizing the latest technology to support our highly customizable product and service offerings.”

Valvardi is a graduate of Saint Joseph’s University (Philadelphia) and received his MBA from Drexel University.

About Maverick Network Solutions
Maverick Network Solutions, headquartered in Wilmington, DE, provides clients with access to the national bank card networks through a wide range of payment solutions including private label debit cards, prepaid corporate gift cards, and employee incentive cards.  For more information, go to www.mavericknetworksolutions.com.