Kumnick has deep expertise in the area of security and identity authentication as well as payments. And his past notable jobs include playing a crucial role in the design of the Secure Remote Commerce (SRC) standard, an e-commerce checkout tool, which uses tokenization to protect consumers’ data and identity authentication to distinguish legitimate cardholders from fraudsters.
In addition to this, Kumnick also spearheaded the development of Visa’s encryption and tokenization products and services for its partners’ transactions at the point of sale. His other posts at the card giant include a period as Visa’s senior vice-president of global acquirer processing as well as a job growing Visa’s acquirer and merchant processing services internationally.
Before joining Visa, Kumnik worked briefly as the leader of the cards & payments practice of Cap Gemini, which he joined from TSYS Acquiring Solutions. While at Visa, he was also instrumental in overseeing mergers and acquisitions, including business development and investments in Europe, Latin America and Asia.
“We are delighted that Phil Kumnick has agreed to join Ipsidy as a director,” said Philip Beck, Ipsidy’s CEO. “At this critical stage of the company’s development, which we believe is at an inflection point, we welcome Phil’s extensive experience and depth of knowledge in particular in the fields of security, platform operations and international markets.”
Kumnick kicked off his career in payments at MasterCard where he worked from 1988 to 2000 in a number of jobs, including a stint as a vice-president and chief settlement officer for the company’s Global Settlement operations.
Headquartered in New York, Ipsidy operates an Identify as a Service (IDaaS) platform that delivers a suite of biometric identity security programs. Its subsidiaries outside the US include MultiPay in Colombia, Cards Plus in South Africa and Ipsidy Enterprises in the UK.
Investors in Ipsidy responded well to news of Kumnik’s appointment, sending shares in the biometrics specialist up 13.5% to $0.045 in afternoon trade Monday.