Company, Financial Expert

Fintech Innovation Change Spearheaded by Philip Belamant

Philip Belamant is a visionary who founded the company that revolutionized the banking industry. When Belamant started his first company, he was told by a banker that nobody would ever want credit cards with no interest. How wrong that banker turned out to be!

Belamant has had a long career in banking and finance, beginning at Citibank as a security officer. From there, he became a commercial banker at Bank of America and an executive at Security Pacific National Bank. His career took an exciting turn when he joined Edward Tick’s Security Systems Design Corporation. Belamant became the company’s president within two years.

He pioneered the development of swipe technology for credit cards, which originated from the need to speed up check-cashing transactions in San Francisco and security concerns due to the rampant spread of counterfeit credit cards.

Philip Belamant co-founded First National Bank of Nevada with Ed Wegner, a Senior Vice President at Security Pacific. The bank was the first to convert from an automated teller machine (ATM) based system to a new electronic banking system. The switch allowed customers to conduct transactions without cash or checks.

Electronic banking systems were revolutionary for the time and triggered an avalanche of change in the industry that we know today as fintech. Belamant was the CEO of First Data, which was previously known as National BankAmericard Incorporated (NBI). The company managed the data processing business for hundreds of financial institutions and credit card issuers.

First Data revolutionized payments by releasing the first smart card, which was used in ticketing, transit systems, and business purchasing. It was also the first company to issue chip-based credit cards and debit cards for stored value.

Philip Belamant is a true innovator and is a man who has always seen fintech innovation in his vision. He believes that fintech innovation holds great potential. He has spent nearly four decades studying ways to improve payments to better commerce worldwide. Belamant’s fintech approach focuses on using blockchain and distributed ledger technology to tackle issues across various industries.