Tio Networks, Tranax partner

Tio Networks, Tranax partner
Tags: Appointments/New Hires, Bank / Credit Union, Cash Dispenser / Recycler / Acceptor, Debit / Credit, Deposits / Check 21, Distributors / ISO / IAD, EFT Networks, Kiosks/Self-Service, Multifunction ATMs, Outsourcing, Public Companies, Regulatory Issues, Retail / Off-Premises, Software, TIO Networks Corp., Tranax Technologies, Inc., Transaction Processing, Underbanked / Unbanked
August 14, 2006

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ORLANDO, Fla. - Burnaby, British Columbia-based Tio Networks Corp. and Fremont, Calif.-based Tranax Technologies have formed a partnership to deliver new self-service automated kiosks to Presto Convenience Stores, a reseller of ConocoPhillips products and services. (Read also, Tranax wants to be first to ride wave of change.)

According to a news release, the stand-alone kiosk and ATM-hybrid models were demonstrated at last week's Conoco Phillips Conference in Orlando, Fla. The kiosks allow customers to receive cash, pay bills and buy pre-paid cards.

"There is a tremendous opportunity for retailers to develop bill payment and other financial services for the non-cash customer," said Hamed Shahbazi, chairman and chief executive of Tio Networks. "Self-service kiosks increase customer satisfaction and transactions, and reduce convenience store costs."

Tranax, which was recently selected by market researchers Frost & Sullivan for its impressive growth strategy in the merchant-retail space, has sold 70,000 Mini-Bank Series ATMs and self-service machines.

"Tio Networks offers a strong sustainable business model for resellers and franchisees as well as a fully-supported range of financial services," said Dr. Hansup Kwon, president and chief executive of Tranax. "Tio also has a strong track record in selling and supporting retailers."