InnoVentry and Travelers Express Testing Delivery of
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.