BURNABY, British Columbia - TIO Networks Corp. has entered a licensing deal with Electronic Cash Systems, allowing ECS to become an independent sales organization for TIO NetWorks' bill- payment and financial-service products.
By spring 2007, ECS plans to deploy up to 60 Tranax TK1000 cash-accepting kiosks and Mini-Bank x4000 hybrid ATMs manufactured by Fremont, Calif.-based Tranax Technologies Inc. The machines will accept and dispense cash in convenience stores across California, allowing cash-preferred customers to access their accounts with key billers, view balances and make payments without having account numbers present.
The services may be performed in English or Spanish, and patrons can print or e-mail their receipts.
TIO and ECS will share transactional revenue.
"When we set out to find a partner for self-service bill payment, we wanted to partner with the market leader; this invariably led us to TIO," said Fadi Cheikha, ECS's president and chief executive. "We feel billpay is one of the ATM industry's best bets for new service revenues."
