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Tio Networks, Tranax launch hybrid-ATM strategy
April 11, 2006
BURNABY, British Columbia - Tio Networks Corp., formerly Info Touch Technologies Corp., and Tranax Technologies Inc. have entered a strategic partnership to penetrate the self-service market. (Read also, Tranax makes strategic move, strikes out on its own.)
According to a news release, the first phase of the partnership is to launch a hybrid-ATM initiative. As part of the agreement, Tio financial services will be available on Tranax's MB c4000 series ATMs.
"The Mini Bank 4000 series represents the best-in-class convergence of ATM and self-service functionality, bundled in a cost effective hybrid-ATM solution," said Tio Networks chairman and chief executive Hamed Shahbazi.
Tranax developed a new hybrid kiosk, which enables the 4000 series to offer Tio Networks' suite of financial services. Tio's services include bill payment, stored-value card dispensing and reloading and other prepaid services. Tio Networks will process all transactions beyond the scope of traditional ATM services.
"Tranax and Tio Networks have taken our strengths in secure financial transactions to create a new self-service platform that will allow customers to get cash, pay bills and buy prepaid cards all at one place," said Tranax president and chief executive Hansup Kwon. "We are providing retailers and other businesses with the ability to serve their customers with a broad array of financial transactions more quickly and conveniently than ever before."
The hybrid ATMs will be available to distributors and retailers this spring.
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