LOS ANGELES -- Cash Technologies Inc. (AMEX: TQ) has formed a subsidiary called CT Holdings to develop, market and implement banking applications, with its first product slated to be an automated check cashing solution.
The check cashing application, BONUS, will utilize advanced ATMs powered by Cash Technologies' EMMA transaction processing software, according to a news release. BONUS uses proprietary optical character recognition (OCR), biometric identification and a risk analysis engine to establish a user's identity and authorize checks, the release said.
According to the release, CT Holdings will be financed separately from the parent company and has already received its first $400,000 from an existing Cash Technologies investor.
