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Sponsored by:11/29/06
BURNABY, British Columbia - Tio Networks Corp. has announced a deal with Dollar General to test by the end of the year hybrid ATMs at 52 locations in Tennessee. Tio's hybrid ATM combines the functionality of a traditional cash-dispensing ATM with a cash-accepting financial-services kiosk.
The hybrid platform enables customers to make ATM cash withdrawals using debit or credit cards, pay bills, purchase prepaid wireless, and a host of other functions.
The hybrids used for this deployment are the Mini-Bank 4000 series ATM and cash-accepting sidecar developed by Fremont, Calif.-based Tranax Technologies Inc. Tio will process transactions, except for traditional cash withdrawals, associated with the hybrid.
Patrons can pay bills by leveraging Tio's real-time intelligent links with a number of telecommunications, cable and utilities companies in the United States. Customers can feed their cash directly into the hybrid's note acceptor and complete financial transactions by either printing or e-mailing their receipts.
According to a news release, Tio and Dollar General will share the service fees generated from both the ATM and financial-service transactions.
The hybrids leverage the reverse vault cash methodology jointly pioneered and patented (under pending status) by Tio and California-based Palm Desert National Bank, which provides all vault cash, reverse vault cash, back-office settlement and sponsorship services.
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