DALLAS -- CashWorks Inc., a provider of technology solutions for the non-bank financial services industry, made an official announcement of its partnership with Triton, the leading manufacturer of off-premise ATMs, to provide automated cashing of government and payroll checks as part of Triton's new package of ATM services called Triton Waves.
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According to a news release, Triton plans a December rollout for the CashWorks' check-cashing functionality in conjunction with other value-added transaction services including Western Union money transfer and the vending of wireless-phone minutes.
"Our merchants and distributors are excited about being able to offer a package of financial services that includes CashWorks' quick, easy and secure method of cashing government and payroll checks," said Brian Kett, Triton's executive vice president. "It's especially appealing to them because they can derive additional revenue from their existing Triton ATMs."
Ken Rees, president and chief executive of CashWorks, said in the release, "This alliance validates our strategy of leveraging the more than 155,000 such machines already deployed in retail locations. Triton's large base of installed locations gives us an opportunity to quickly achieve some very significant market penetration."
CashWorks employs a clerk-assisted point-of-sale terminal as a transaction authorization device. The proprietary PayPort terminal links to an ATM already on-site in a retail location to dispense funds. (See related story Low overhead is key to profitable check cashing)
According to the release, CashWorks has patents pending on both PayPort and on the transaction process itself. Since its launch earlier this year, the CashWorks check-cashing
solution has been installed in more than 100 sites across the country.
CashWorks also has a partnership with Houston-based manufacturer Tidel.
