In the latest in a string of victories that includes most of the northern and western parts of Iraq, the Islamic State in Iraq and Syria can add a new notch to its victory belt—they have won the name ISIS.

Isis—the mobile wallet formed as a joint partnership between Verizon, AT&T and TMobile—has decided that the unfortunate coincidence of sharing a name with the acronym for a group of violent extremists does in fact represent a significant branding crisis.  They have, therefore, decided to change their name.

“The ISIS militant group has been linked to sectarian violence against civilians and government forces in Iraq and Syria,” CEO Michael Abbott noted in a released statement. “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.”

Isis—the telecom partnership—as of yet has not decided on a new name, which will come in the coming months as part of a journey the company looks forward to taking with its user base.  Abbott further noted in his post that though the name will be changing, the company remains committed to advancing the mobile payments ecosystem and providing the best possible mWallet platform.

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