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InnoVentry, Diebold to bring banks check cashing machines
SAN FRANCISCO -- InnoVentry Corp. has formed a marketing alliance with Diebold to provide financial institutions with electronic check cashing machines for non-account holders. The InnoVentry check cashing machines will enable non-account holders to electronically cash "on-us" checks -- primarily payroll checks drawn on the bank's large corporate accounts -- at participating banks and credit unions. This will help banks decrease non-account holder traffic at the teller line and cut down on per-transaction costs. Diebold will provide the hardware, which will be branded with the banks' name. InnoVentry will provide software and transaction processing, including check-cashing verification, 24-hour customer service and site monitoring. "About 30-45 percent of all check cashing activity at the teller line is the result of non-account holders cashing checks," said Mike Preiss, vice president of strategic alliances at InnoVentry. "InnoVentry's on-us check cashing machines will enable banks to provide better service to their account holders by diverting non-account holder traffic to ATMs, reduce branch losses due to fraud and give tellers more time to cross sell." In order to decrease costs per transaction, banks and credit unions using InnoVentry's on-us check cashing machines can provide InnoVentry with files of commercial customers' payrolls prior to issuing the checks to employees. The machines also cash "on-us" checks not provided to InnoVentry in advance. "Banks and credit unions have expressed great interest in improving service to their customers and reducing costs by moving non-customer transactions away from the tellers," said Thomas W. Swidarski, vice president of global marketing at Diebold. "We think they will want to deploy advanced-function ATMs at branches and possibly even off-site at large employer locations."
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