NORTH CANTON, Ohio – Diebold, Incorporated has reached a lease finance agreement for some 1,400 Cash Management Machines to InnoVentry for approximately $60 million.
The lease agreement with InnoVentry, which includes a contract for Diebold to service the machines, was finalized through Diebold Credit Corporation (DCC), a wholly owned subsidiary of Diebold, Incorporated.
Thomas W. Swidarski, vice president of Global Marketing for Diebold, said, "InnoVentry now has more cash to invest in other areas of their business instead of using it to purchase cash machines up front. Once the lease has expired, the company can either purchase the units, renew the lease or return the terminals."
InnoVentry's Cash Management Machines provide secure check cashing and other financial transactions by utilizing facial recognition technology to identify the customer, eliminating the need for a bank card and PIN. The machine, equipped with Diebold hardware and InnoVentry software, photographs the user's face upon each visit and confirms identity by comparing the most recent picture against an ongoing file of photographs stored by the company.
InnoVentry's Cash Management and Mr. Payroll machines are located in Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Nevada, North Carolina, Ohio, Pennsylvania, Texas and Wisconsin. InnoVentry, which is backed by Wells Fargo & Co. and Cash America, Inc., distributes these machines under the RPMTM brands to retail stores across the nation.
Since its inception in 1998, InnoVentry has enrolled more than 760,000 customers, cashed three million checks and established relationships with several leading retailers including Albertson's.
