Terminal Convergence

Tranax, Financial Payments launch check-cashing self-service kiosk

Published in CSP Daily News

FREMONT, Calif. -- Tranax Technologies Inc. has launched the Check Cashing Self-Service Terminal powered by Financial Payments. Tranax and Financial Payments LP have partnered to create the Financial Payments Check Cashing Solution running on the Tranax Check Cashing Self-Service Terminal (SST).

The unit provides consumers with the ability to cash virtually any form of check, not just government or payroll checks, which has been a limitation with other, similar technology. An entirely self-service solution, the Check Cashing SST delivers the functionality [image-nocss] to complete full at-terminal account enrollment, account debit card issuance and real-time check verification and approval, eliminating the need for any clerk interaction. In addition to check cashing, this new terminal offers full retail ATM functionality.

The Check Cashing SST has been designed to provide consumers with the ability to access complete check-cashing services 24/7.

For merchants and distribution partners, it delivers a range of key benefits including increased revenue opportunities, product differentiation and the opportunity to deliver check-cashing services without the need to assume all the associated risks and liabilities, the company said.

Fremont, Calif.-based Tranax and Amarillo, Texas-based Financial Payments are currently in the process of conducting beta trials of this new solution, which will be commercially available for general purchase at the end of second-quarter 2005.

Tranax said it has installed more than 55,000 ATMs and self-service terminals throughout North America in the past five years.

Financial Payments provides turnkey solutions that will allow businesses and financial institutions to provide check cashing, bill payment, stored-value cards and other services to customers.