FOR IMMEDIATE RELEASE
Reliant Names David Simon as President
[Knoxville, Tennessee] — [April 10, 2025] — Reliant, a leading third-party payment processor and account management company, is pleased to announce the appointment of Mr. David Simon as its new President. David brings a wealth of experience across banking, payments, and FinTech, and will lead Reliant through its next chapter of expansion, innovation and growth. In addition to reinforcing Reliant’s core business, David will spearhead the development of new financial technologies in various payment verticals that rely on partnering with compliance focused regulated money transmitters.
“David’s track record of focusing on customer needs to build and scale payment platforms makes him the right leader for Reliant at this pivotal moment,” said Michael Sullivan, a board member of Reliant’s parent company. “We are confident in his ability not only to drive continued excellence in our core business, but also to strategically guide our development of new capabilities and expansion into new verticals that align with the evolving needs of consumers and businesses.”
David is a pioneer in Internet and e-commerce solutions. As the lead Federal Reserve staff attorney in the early days of the commercial Internet, he championed the first approvals for Bank Holding Companies to offer banking and brokerage services online. He played a key role in Citigroup’s transition from dial-up to Internet banking, the launch of its Internet-only bank, and several groundbreaking global e-commerce alliances.
Most recently, David served as Chief Operating Officer of Newtek Merchant Solutions, overseeing a multi-platform payments provider and driving the acquisition and regulatory approval of Newtek Bank, N.A. He also led Visa’s Global Small Business team, securing market leadership in every major region and achieving double-digit growth through product innovation and strategic partnerships. David also currently is a Senior Advisor to the Klaros Group, guiding banks and FinTechs in delivering innovative payment solutions.
Earlier, David held several leadership roles at Citigroup, including Executive Vice President of the North America Consumer Bank, where he led customer engagement, e-commerce, and small business for CitiCards. He also founded TriStar Payments, launching disbursement and prepaid programs that drove billions in deposits and payment flows across student financial aid, legal settlements, insurance, pharmaceuticals, and more. His work included the launch of the MAGIC by Magic Johnson™ Prepaid MasterCard® Debit Card, a joint venture with OneWest Bank.
“I’m thrilled to join Reliant at such an exciting time,” said David. “The company has built strong capabilities and a talented team that is deeply committed to helping clients succeed. With that foundation in place, we are well-positioned to push forward into new areas. I’m excited to help lead that evolution and expand the impact we can make.”
Reliant would also like to extend its sincere thanks to John Murphy, who has served as Interim President and helped guide the company through this leadership transition. John will continue to play a vital role in the organization as Vice Chairman, supporting continued growth and other strategic initiatives.
With David at the helm, Reliant is poised to lead the next wave of payment innovation—grounded in compliance, a client-first approach that is powered by technology, and driven by value.
About Reliant
Reliant is a trusted third-party payment processor and account management company. Through its technology, 44 state issued money transmitter licenses, and compliance-first approach, Reliant helps facilitate secure, efficient, and reliable transactions. In 2025, Reliant is expanding its product offering which will include exploring real-time payments, disbursement solutions, and emerging financial technologies.