Wednesday June 6, 1:15 pm Eastern Time
SAN FRANCISCO--(BUSINESS WIRE)--June 6, 2001--InnoVentry Corp., the nation's leading provider of automated cash management services, today announced that it now operates in more locations than any other independent check-cashing chain in the country. The company's customer base is growing by as much as 10 percent each month, indicating a significant shift in consumer preference from traditional check-cashing counter services to the company's convenient self-service financial kiosks.
InnoVentry, maker of RPM(TM)-branded financial transaction kiosks, has deployed a network of 1250 check-cashing machines across 27 states in less than two years. By comparison, the largest chain of check-cashing stores has opened approximately 1220 locations over a 15-year period.
InnoVentry targets the more than 60 million Americans who cash checks and perform other routine financial transactions outside of the banking system. RPM automated kiosks are touch-screen activated with easy-to-follow instructions for cashing checks and performing other financial transactions.
The kiosks are located in high-traffic retail stores where consumers already shop, many of which are open 24 hours a day. This saves RPM customers from a separate trip to banks or stand-alone check-cashing outlets. Retail partners include Albertson's, Kroger, Circle K, Kmart, Wal-Mart, Texaco and H-E-B Pantry, among others.
Research indicates as many as 51 percent of RPM users are new customers to the store, and that nearly two-thirds of these customers remain in the store to shop. RPMs can boost a typical grocery retailer's annual pre-tax profit by up to 35 percent through decreased labor costs, reduced fraud from manual check cashing and increased cash-to-floor sales.
``InnoVentry has created a model for providing a dignified and convenient way for people to cash their checks,'' said Frank Petro, CEO of InnoVentry. ``Our rapid growth is a result of providing an important service to people who are ignored by traditional financial institutions. Customers are clearly responding positively to our value proposition, which is reflected in our leadership position.''
All RPM kiosks are connected to a centralized transaction database that reduces the risk of fraud while supporting continued expansion of the RPM(TM) Network and services. In addition to check-cashing and standard ATM transactions, a number of RPMs now issue money orders. By this September, the machines will be able to accept cash bills for direct purchase of money orders and other financial services.
InnoVentry facilitates secure transactions by utilizing biometric facial recognition technology to quickly verify a customer's identity. Upon receiving the user's consent, RPM kiosks capture a digital photo of the customer's face. Facial recognition software then generates a confidential biometric ``signature'' from the photograph. This personalized signature is a set of numbers unique to each customer, which can be used to verify identity and protect customers against identity theft and fraudulent transactions.
About InnoVentry
Backed by strategic partners that include Capital One Financial (NYSE:COF - news) and Wells Fargo & Co. (NYSE:WFC - news), InnoVentry Corp. (www.innoventry.com) is the creator of the RPM(TM) Network of automated financial kiosks, which allows consumers to cash checks, withdraw funds and perform other financial functions. A privately held company based in San Francisco, InnoVentry has enrolled more than 1.1 million customers and cashed more than $1.5 billion worth of checks.
Note to Editors: RPM is a trademark of InnoVentry Corp., San Francisco, Calif. Product and company names are used herein for identification purposes only, and may be trademarks of their respective companies.
Contact:
InnoVentry, San Francisco
Gil Roeder, 415/618-6089
groeder@innoventry.com
or
Red Whistle Communications
Ben Stevens, 415/512-4998
bstevens@redwhistle.com