Following up with plans first laid out in July, the mobile wallet company Isis announced that it has chosen a new name – Softcard.
The change will take effect in a few weeks, the company said on its website, and will represent only a name change, as all platform features will remain the same. Isis' heavyweight financial backers, which include Chase, American Express and Wells Fargo, will also stay in place.
When first announcing the rebranding plans two months ago, Isis CEO Michael Abbott explained how the company wanted to distance itself from the hardcore militant group of the same name:
Recently, we have observed with growing concern a militant group whose name, when translated into English, is Islamic State of Iraq and Syria – often referenced by the acronym ISIS.
The ISIS militant group has been linked to sectarian violence against civilians and government forces in Iraq and Syria.
However coincidental, we have no interest in sharing a name with a group whose name has become synonymous with violence and our hearts go out to those who are suffering. As a company, we have made the decision to rebrand.