Tranax, Valid Systems partner for check-cashing offering with tie to ATM

Tranax, Valid Systems partner for check-cashing offering with tie to ATM
Tags: Bank / Credit Union, Check Cashing, Kiosks/Self-Service, Manufacturers, North America, Other, Tranax Technologies, Inc., Trends / Statistics
September 30, 2007

NEWARK, Calif. - Valid Systems has partnered with Tranax Technologies Inc. to provide a check-cashing solution at retail locations that incorporates the ATM.

Valid Systems' application has been used by financial institutions, including Key Bank and U.S. Bank, for the last three years. It is now available in locations from coast to coast and boasts a high approval rate and low loss rate.

Valid uses Internet-driven decisioning and biometric identification. Consumers enroll for the service with the cashier and pick up funds via the ATM.

Enrollment using Valid's application averages 70 seconds; repeat transactions average 27 seconds.