PayNet, Inc. has appointed Todd Elliott as Director, Canadian Market Development.

Mr. Elliott will assist Canadian commercial lenders to approve more transactions from their credit granting process, lower operating costs of portfolio management and mitigate the credit risk of lending to medium and small privately-held Canadian businesses,

Mr. Elliott has over 20 years in financial services and most recently was the Head of Retail Services at HSBC Financial Corp.  He also carried responsibilities for managing retail finance portfolios, some in excess of $500 Million.

“Commercial credit information has been thin or non-existent leading to higher costs for Canadian lenders. Todd’s efforts will help lower credit risk and reduce operating costs for PayNet members,” states William Phelan, president, PayNet, Inc.

Mr. Elliott is a Graduate of Laurentian University, holding a Bachelor of Commerce Degree. He will be located in PayNet’s offices in downtown Toronto.