Richard Re and Robert Flohr Strengthen Dropp’s Position Among the Consumer and Investment Banking Communities Nationally and Globally
“We are excited to have established finance and fintech visionaries such as Richard Re and Robert Flohr join Dropp’s advisory board,” said Dropp CEO and Founder Sushil Prabhu. “They have both helped to facilitate, implement, and usher in sophisticated, global banking technologies and practices as we know them today. We are thrilled that they share our vision of next generation digital payments.”
Richard Re brings over five decades of experience working exclusively in the payments industry, innovating creative solutions, cutting edge design, simple operational execution and engineering efficiency for leading banking institutions, including the last 25 years at JPMorgan Chase & Co. as well as Bankers Trust Company of New York, and the Federal Reserve Bank.
Re was a primary contributor to many successful payment innovations for JPMorgan’s web and mobile payment products including its first P2P offering Chase QuickPay, the award-winning JPMorgan ACCESS Global Treasury Services Mobile App, the initial design and deployment of Chase QuickDeposit, and Chase’s Image processing platform, the Virtual Payment Center, in addition to delivery of the industry’s first voice biometric mobile App authentication / registration capability.
Re has also contributed his expertise to the larger U.S. payments industry by working on the establishment of The Clearing House Small Value Payments Company (SVPCO); bank implementation of the Federal Reserve’s US Check 21 Legislation and has worked on the US Faster Payments Council. Along the way, Re was awarded 28 separate US patents on Internet electronic payments processing and security. Finally, Re led the design and development of an early Internet start-up project, Lab Morgan’s redEcash, which was the forerunner to Chase QuickPay with Zelle, and the Clearing House’s new Real Time Payments Network (RTP).
“While there are a plethora of emerging platforms that facilitate cryptocurrency payments, there are very few that process both FIAT and cryptocurrency transactions. Dropp fills in this void in addition to providing merchants options for price modeling flexibility, enabling the inclusion of those without credit,” said Richard Re.
As an international consultant, Robert Flohr has been at the forefront of the most significant transformations and growth stories in global banking over the past 25 years. Based in New York, he spent over 20 years headquartered in London and continues to operate globally. Robert brings over 40 years of advisory and consultancy experience with major banks, asset management firms, private investors and technology businesses specializing in corporate restructuring and integration, strategic planning and business growth, management development, succession planning, leadership and change management.
Currently, Flohr serves as advisor and board member of a number of entrepreneurial ventures focusing on emerging technologies and businesses involving blockchain technologies and cryptocurrencies reaching across a variety of industries, including payments, e-commerce, mobility, and commodities.
“I thoroughly believe in Dropp’s vision of micropayments as a viable option as today’s consumer requires fast, convenient and secure ways to complete transactions in an increasingly digital world,” said Flohr. “In my work, I have witnessed the obstacles that clients have come up against when attempting to reach the unbanked and underbanked. Dropp is the perfect option for consumers who want to make small payments without the added stress of steep merchant fees and credit requirements.”
Dropp offers businesses a profitable micropayment option to enable small-value purchases with fees that are on average 15 times cheaper than most payments solutions for payments under $1.00. The technology is designed to give merchants pricing flexibility that enables new revenue streams and purchasing options such as pay-per-use, micro-subscriptions, micro-royalties and micro-donations helping them to retain and attract a new customer base, including the unbanked and underbanked. Dropp gives consumers secure and private access to products and services on an a la carte basis, ensuring speedy and private purchase of small-value consumer goods and services without the hassle of signups and registrations.
The Dropp platform was developed by a team specializing in regulated banking technologies and was built on the Hedera Hashgraph network, a high performance public distributed ledger network. Dropp is unique as a micropayment option that facilitates payments in both U.S. dollars and Hedera’s native, energy-efficient cryptocurrency HBAR.
Dropp’s advisory board is a brain trust of the world’s best-known leaders with expertise across financial services, technology, media, retail, and academia and will support Dropp’s team in its ambitions to better serve a rapidly growing merchant base that is looking to unbundle their goods and services at affordable rates that were not previously possible due to exorbitant merchant fees typically associated with credit card transactions.
In addition to Richard Re and Robert Flohr, the advisory board comprises the following executives: Robert Howe, Chairman of Montgomery Goodwin Investments, LLC; Chris Formant, CEO of Avocado systems; Gregg Fienberg, Executive Producer at HBO and founder of CallPlease; John Cronin, CEO of OpCenter, president of BuildCoin Foundation; Nilesh Nanavati, managing partner of Financial Technology Systems; Will McDonogh, Chairman and CEO of Corestone Capital and founder of AXS; John B. Penney, executive board member of Consumer Technology Association and board member of Lifebox, former chief strategist officer and executive for Starz, Scient, Viacom, IMG.
Dropp is a micropayment service for small transactions helping consumers to purchase small-value goods and services instantly without sharing personal details. Dropp maintains the privacy of purchases to the user, placing the consumer in complete control of their data. Dropp offers merchants a cost-effective platform to offer a pay-per-use option to their customers. Consumers can download Dropp on Google Play and the Apple Store; it is also available on Google Chrome, Safari, Microsoft Edge and Mozilla Firefox.
Finance Magazine covered Dropp’s multi-functional payment platform and how micropayments revolutionize revenue for businesses.
Dropp headed to Davos, Switzerland for the 2023 World Economic Forum to connect with global leaders in web3, a greener economy, and a brighter future in tech.
Dropp was very happy to have participated at the Real-Time Payments & Fraud Management Summit on Friday, November 18 organized by Kinfos.