DALLAS -- Equifax Inc. (NYSE: EFX) will provide automated check-cashing capabilities for 7-Eleven Inc. (NYSE: SE) at its Vcom financial services kiosks. In return for an exclusive, eight-year license, Equifax will pay a per-kiosk licensing fee.
During the initial stage of introduction, financial services at Vcom units includes ATM transactions, money orders, money transfers and check cashing. Possible future applications include bill payment, prepaid long-distance and wireless phone cards, event ticketing, travel directions and road maps, according to a 7-Eleven press release.
Vcom's Windows NT platform was designed to eventually allow customers online shopping and fulfillment options, according to the release.
7-Eleven is currently conducting a pilot test at 94 Vcom sites in Texas and Florida. Based on results, 7-Eleven anticipates beginning a national rollout in its remaining stores starting in late 2001 or early 2002.
Earlier this year, 7-Eleven announced similar national Vcom alliances with American Express for ATM transactions and Western Union for money order and money transfer services.
"We also are in discussions with other best-in-class companies to provide telecommunications, banking and Internet-based products and services on this interactive platform," said James W. Keyes, 7-Eleven Inc. president and CEO."
To access Vcom check cashing, consumers will enter their personal information, allowing Equifax to verify the identity of the individual in real-time. Once the consumer has been authenticated, a Vcom membership card and PIN are issued for use in future automated check-cashing transactions at 7-Eleven stores.
To cash a check, the customer will insert the card and check, then enter their PIN and pertinent information about the check via touch screen access at the Vcom kiosk. Equifax validates the information, performs an online check authorization and issues an approval or decline back to the consumer -- all within a matter of seconds. Equifax will also provide 24-hour customer assistance for consumers with lost or stolen cards and security PIN resets.
