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InnoVentry to install cash-management units
SAN FRANCISCO -- InnoVentry, jointly owned by the wholesale bank of Wells Fargo & Co. and Cash America International, Inc., plans to install approximately 175 of its newest cash-management machines, the RPM (Rapid Pay Machine), by year's end at retail locations in Houston, Dallas and Phoenix. The company currently operates 100 Mr. Payroll-brand check-cashing machines in 33 communities around the U.S.; these machines will be upgraded to the new RPM hardware and software programs as well. The announcement coincides with the adoption of InnoVentry as the San Francisco-based company's name, replacing innoVisions. The new name reflects the company's focus on technology as a means to provide electronic financial services for the estimated 40 million adults who either do not have a bank account or do not rely on banks for routine financial transactions. The self-banked can use the RPM to cash payroll and other checks without a picture ID, bank card or PIN. While the machine offers conventional ATM functionality, it ultimately will be able to serve as a platform for the delivery of money orders, electronic bill payment and money-transfer services, among others. Major components of the machine will be supplied by two manufacturers: Diebold and NCR. For customer authentication, the machine relies on a biometric face recognition camera. The machines also feature an interactive second screen that is capable of delivering customized promotional and public service messages in several languages. The RPM provides automated access to all existing bank and ATM networks through a single interface. In addition, InnoVentry has developed a risk management engine that allows it to accept more "good" checks and process them faster. A one-time enrollment process takes from three to five minutes and is handled right at the machine.
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