PITTSBURGH--(BUSINESS WIRE)--Dynamics Inc, an innovator in next-generation payment devices, was awarded Best of Show at FinovateFall 2010, a conference showcasing innovations in financial and banking technology. At the event, Dynamics unveiled the Redemption™ device in a card form-factor that lets consumers redeem reward points or cash rewards with the push of a button at the time of checkout.
At the event, Dynamics announced its partnership with Citi and demonstrated Citi’s 2G credit cards that are based on Dynamics’ Card 2.0® technology. In November, Citi will expand the pilot of its second generation credit cards to additional Citi card customers in the form of the Citi PremierPass 2G and Citi Dividend 2G cards, which both allow consumers to redeem points for items at the point of sale.
“The combination of eye-opening new card technology and the Citi partnership really resonated with the Finovate audience of banking and technology execs,” said Jim Bruene, founder of Finovate.
"We would like to congratulate Dynamics on the significant recognition of winning "Best of Show" at FinovateFall 2010," said Terry O'Neil, Executive Vice President of Citi's North America Credit Card division. "It is a terrific accomplishment, one that Dynamics should be justly proud of. We are pleased to leverage this award-winning technology to deliver greater choice and flexibility to our customers."
“The Best of Show win at Finovate is Citi’s achievement as much as it is Dynamics,” said Jeff Mullen, CEO of Dynamics. “In order to realize the power of in-store point redemption, an unprecedented level of innovation had to occur on Citi’s backend processing systems. Dynamics’ partnership with Citi is a clear example of how one plus one can actually equal three. Dynamics is just getting started and will continue to deliver new innovations that offer unprecedented value across the entire ecosystem.”
About Dynamics Inc.
Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its CEO. Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company’s first commercial application is the world’s first fully card-programmable magnetic stripe for use in next-generation payment cards. The company has won many of the world’s most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company recently won DEMOgod and the $1MM People’s Choice Award at Demo Fall 2010. Dynamics is backed by Adams Capital Management and is headquartered in Pittsburgh with offices in Silicon Valley and New York City. More information on the company, its technology and applications can be found at www.poweredcards.com.
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