Behind the Scenes with Founder of one of the World’s First Online Banking Payment Gateways

By PYMNTS | January 18, 2011

Eric Remer Name: Joseph Iuso

What I’m working on… Expanding the business obviously. This includes online banking in the United States, Asia, and Europe, verticals such as private label platform for enterprise level companies, IPSPs, travel, collections and money remittance companies.

Crowning Achievement… Being on the bleeding edge of technology without actually bleeding… most of the time. This includes Web ATMs, telephone/Internet banking, implementing banking switches, and lately, UseMyServices and the ability to deal with online banking as a new form of payment globally.

Education… Mohawk College – Computer System Technology Degree

Industry Association Awards… Mostly banking and PM internal awards for the companies I have worked with in the past. I’m not much for public show and fare.

When I’m not working I like to… Read books (biographies, sci-fi, mythology, etc.), spend time with my three kids (5, 7, and 10) skating, tobogganing, playing music, playing games and relaxing with my wife.

My favorite payment factor is… Real-time online bank payments, of course!

The next big thing… A ubiquitous payment option that allows consumers to pick whatever method they would like to use – be it brick-and-mortar, online, mobile, credit/debit card, virtual dollars/credits, vouchers, whatever!

Cash is… Rapidly being replaced with electronic transactions. Look at airlines: They have already started by accepting cards only for in-air food and beverage purchases. In some countries, they are planning to phase cash out within the next 4-10 years.

Check are… Being used less and less by consumers but will continue to play a vital role for most businesses for many more years to come.

NFC is/will… Likely to have the same problem that Visa and MasterCard had with floor limits. If it gets to critical mass, the number of electronic pick pocketing incidents will most likely increase, thus forcing more thinking about how secure it really is.

EMV is/will… The biggest solution to a DEVICE problem. It’s the POS DEVICES being compromised that is the problem. It just makes it a bit more difficult for fraudsters to work around. It’s only a matter of time before the fraudsters realized they need to byte-copy the cards in near real-time while collecting the PIN, and the banks are back to square one again. With the advent of Wi-Fi, Bluetooth and the like, this may soon come to fruition, if it’s not already here. Bundle this with the fact that most of the new cards are being bundled with (tap-and-go) NFC cards and … well … but hey, who knows, maybe I missed something.

P2P is/will… Continue to grow with electronic wallets and money transfer companies providing the platform. However, more regulation will be placed on this P2P/money services industry, as they will need to comply with similar KYC and AML rules that are already in place for financial institutions and money services businesses.

My mentor is… The world, a few good people and a lot of good books. They have all taught me the value of always looking at things as not “either/or” rather “both and more.” There are never just two sides to anything, and remember, never ASSUME! I just wish I could remember that all the time.

Bio: Joseph Iuso has been the inventor and primary visionary for UseMyServices. Since 1999 when he first came up with the idea of online banking payments as the newest form of payment for the online world, and with help from others, what was created was the world’s first online banking payment gateway. UseMyServices has since expanded to over 10 countries, expanded its product offerings, and has created an online fraud system that provides for a 99.999999% good funds model for most merchants.

Joseph has worked in the field of banking for over 24 years and has extensive experience within the realm of self-services banking. He has helped many clients such as CIBC, ISM, ACI, ING Direct, Canadian Tire, and Royal Bank deliver on-time, within budget, and high quality solutions within the POS, ATM, Telephone/Internet Banking, and eCommerce space.

Joseph has the ability to look at problems as a puzzle and then figure out how best to solve it within a team environment or individually as required.