Translation From Corporate Jargon Doublespeak to English of MCX CEO Brian Mooney’s Statement on the Future of CurrentC

Monday, 16 May 2016

From a statement released by Brian Mooney, CEO of MCX, the consortium behind the long-overdue mobile payments app CurrentC:

Utilizing unique feedback from the marketplace and our Columbus pilot, MCX has made a decision to concentrate more heavily in the immediate term on other aspects of our business including working with financial institutions, like our partnership with Chase, to enable and scale mobile payment solutions.

CurrentC is a complete and utter failure.

As part of this transition, MCX will postpone a nationwide rollout of its CurrentC application.

CurrentC’s nationwide rollout is never going to happen.

As MCX has said many times, the mobile payments space is just beginning to take shape — it is early in a long game. MCX’s owner-members remain committed to our future.

We’re falling further behind every day. MCX’s owner-members are giving up on this misguided endeavor.

As a result, MCX will need fewer resources. This change has resulted in staff reduction of approximately 30 employees.

We were forced to lay off 30 employees. Everyone remaining should start polishing their résumés.

These are very tough decisions, but necessary steps.

We had no choice.

For those employees leaving us, we want to thank our colleagues for their hard work and dedication to MCX over the last several years.

We want to thank our departing colleagues for their hard work and dedication to MCX over the last several years, and wish them well in their future endeavors. Christ, I can’t even manage a straightforward “thank you”, can I?