HERNDON, Va. -- Al Irato, who helped build Hypercom Corporation (NYSE: HYC) into a leading provider of electronic payment solutions, was named the recipient of the 2001 Robert A. Mooney Achievement Award at a Dec. 13 ceremony at the Sun Theater in Anaheim, Calif.
Presented annually by the Electronic Funds Transfer Association (EFTA), the award recognizes the recipient's body of contributions to the electronic payments industry, according to EFTA Executive Director H. Kurt Helwig.
Irato told the small crowd assembled at the Sun Theater that he was "stunned and flattered" to receive the award, which was presented by a previous recipient, former Diebold Vice Chairman Robert Barone. Irato, who was introduced by Barone as "Big Al," also lauded the EFTA's efforts in lobbying against increased government regulation of the EFT industry.
Currently vice chairman of Hypercom, Irato presided over the company's initial public offering in 1997 and has with top management propelled Hypercom to an industry leadership position. Prior to joining Hypercom, he was a senior vice president for American Express. He was responsible for providing end-to-end services to more than 2.2 million merchants, as well as the company's worldwide transaction authorization system.
Irato also introduced Plural Interface Processing (PIP), the standalone countertop terminal system that for the first time enabled merchants to direct transactions to a variety of payment service providers.
Irato is also a former chairman of the EFTA.
In announcing the award, EFTA Chairman Walter C. Patterson said, "Al Irato's contributions to our industry are many and legendary. From his pioneer work with Express Cash to Hypercom's new generation of secure terminals and value-added information services platforms, he has been a force for change and evolution."
The Mooney Award commemorates the accomplishments of the late Robert A. Mooney, a founder and former chairman of EFTA. In addition to Barone, previous winners have included D. Dale Browning, a founder of the PLUS ATM system, and Alex "Pete" Hart, chief executive officer of Advanta Corp.
