Tempo CEO Opens Up about Decision to Shut Down after Durbin

The decoupled debit space’s most visible player, Tempo Payments, is shutting down, and company CEO Mike Grossman says Durbin dealt the death blow. In this exclusive NEXTcast interview, he takes Market Platform Dynamics CEO Karen Webster inside the decision process that led to the move to shut down and shares the lessons learned for all in the payments industry to heed.

Bio: Mike Grossman has extensive experience as a software entrepreneur and CEO. Prior to Tempo, Mike was founder and CEO of LiveCapital, provider of the leading SaaS (software as service) platform for trade credit management. Under Mike’s leadership, the company successfully withstood the 2001-02 technology recession, raised more than $70 million, was awarded the Software & Information Association's Codie Award for Best Financial Product, and was ultimately acquired by Dun & Bradstreet (DNB). (Read more)

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Thanks for this Karen, good listening to his comments. I can't help by being struck both by his understandable bitterness but his all-too-late realization of his short-sitedness. His comment about "riding the interchange horse" reminded me greatly of Chuck Prince's "dance while the music's playing" reasoning for Citi's pursuit of riches in the CDO and subprime world.

One of the many factors we as business people must take note of is regulatory risk. There was ample evidence of of interchange as being risky this way; just look as the interchange-related lawsuits over the last decade. But too many business people didn't pay that enough notice, and suffered the consequences. Recent event has surely heightened the importance of considering this risk.

Posted by David True, 31/07/2011 5:30pm (10 months ago)

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