Self-Service Money Order and Wire Transfer Services
SAN FRANCISCO--(BUSINESS WIRE)--Nov. 1, 2000--InnoVentry Corp. and
Travelers Express Company, Inc. have signed an agreement to test
Travelers Express money orders and MoneyGram(R) money transfer
services on Internet kiosks developed by InnoVentry. InnoVentry is a
company developing the next generation of fee-based financial services
and information access machines for the retail market, and Travelers
Express, is the largest issuer of money orders in the U.S.
The companies recently began testing self-service delivery of
money orders on cash-accepting Internet kiosks in two InnoVentry
"concept stores" in the Phoenix area, where InnoVentry tests products
and services it will include on its RPM(TM) cash management machines.
The MoneyGram wire transfer service will be added to the pilot early
next year, and both companies hope to incorporate the money order and
wire transfer services on InnoVentry's RPM(TM) cash management
machines in the near future.
"Partnering with Travelers Express, the largest money order issuer
and second largest money transfer processor in the world, demonstrates
our commitment to providing customers with convenient access to the
best financial services available," said Frank Petro Jr., chairman and
CEO of InnoVentry. "Our self-service machines enable retailers to
offer customers expanded services without having to increase their
overhead with the addition of personnel."
"The addition of Travelers Express/MoneyGram products to
InnoVentry's platform will give retailers a self-contained, easy way
to offer our money orders and MoneyGram money transfer service to
their customers," said Mike Berry, vice president/general manager of
Travelers Express/MoneyGram. "We look forward to rolling this out to
many more locations in the future."
The RPM machines offer secure check cashing, utilizing advanced
facial recognition technology to identify the customer, eliminating
the need for cards or personal identification numbers (PINs). This
technology extends the convenience of traditional ATMs to the 40
million Americans who choose to cash checks outside of banks. The RPMs
are touch screen activated for easy, intuitive interaction, and
include a multimedia second screen that can deliver customized
educational and promotional messages in English and Spanish.
About Travelers Express
Travelers Express, a Viad Corp Company (NYSE:VVI), which serves
more than 5,000 financial institutions and 65,000 retail locations,
annually processes more than 750 million payment transactions valued
at more than $120 billion. In addition to money orders, the company
offers official checks, electronic bill payment services, and
MoneyGram money transfer services in 135 countries. Viad Corp is a
$1.6 billion company based in Phoenix.
Backed by the wholesale bank of Wells Fargo & Co. (NYSE:WFC) and
by Cash America International, Inc. (NYSE:PWN), InnoVentry combines
Internet and face-recognition technologies to bring advanced
cash-management and information-access machines to market. InnoVentry
distributes these machines under the RPM(TM) brand to leading
retail-store networks across the nation. Since its launch in 1998,
InnoVentry has deployed over 700 cash management machines, enrolled
more than one million customers, cashed over three million checks and
established relationships with many of the nation's leading retailers.
The company is based in San Francisco.
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