Fidelity Payment Services Rebrands as Sola, Names Michael Reed CEO

Fidelity Payment Services rebranded as Sola, and its board appointed payments industry veteran Michael Reed as its CEO.

Sola is the new, consolidated brand identity and company name for Fidelity Payment Services and its proprietary payment gateway, Cardknox, the company said in a Wednesday (Oct. 23) press release.

Reed joins Sola after serving in leadership roles at Deluxe, Barclays and Bank of America Merchant Services, according to the release.

He succeeds former CEO David Ilowitz, who will remain on Sola’s board as chairman, per the release.

Sola offers comprehensive, omnichannel solutions, including payment facilitator capabilities, and serves tens of thousands of merchants via a network of independent software vendors (ISVs) and agent partnerships, according to the release.

“This rebrand marks a pivotal moment for Sola, and I look forward to continuing the legacy of exceptional service and industry expertise exemplified by Fidelity Payment Services and Cardknox,” Reed said in the release. “We have always been one team and company, but by bringing together these two brands, we are positioning ourselves for continued long-term growth, innovation and customer focus.”

Ilowitz said in the release: “The rebrand to Sola, along with Michael’s appointment as CEO, marks an exciting new chapter for the company as both will allow us to build upon our history of success, expand our reach and enhance customer experiences.”

The moves come about two years after Fidelity Payment Services was acquired by PSG, according to the release.

The companies said at the time that PSG’s strategic growth investment in the company aimed to support Fidelity Payment Services’ planned expansion, go-to-market initiatives and mergers and acquisitions (M&A).

In Sola’s Wednesday press release, PSG Managing Director Marco Ferrari said: “It’s rare to find a company with a demonstrated track record of providing both great technology and great service, and that’s exactly what made us excited about Fidelity Payment Services. With the combination of Fidelity Payment Services and Cardknox, the Sola brand is well positioned for continued success.”

PSG Principal Chris Nesbitt said in the release: “We look forward to seeing the company’s continued momentum under the unified Sola brand, which offers a truly comprehensive suite of payments solutions for seamless, end-to-end service.”