STRATEGIC PARTNERS
February 24, 2002
SAN FRANCISCO -- InnoVentry Corp., recently deployed its 500th cash management machine in the U.S. The RPM cash management machine, and its predecessor Mr. Payroll, offer secure check cashing, utilizing facial recognition technology to identify the customer, eliminating the need for cards or PINs.
Since June 1997, when the first Mr. Payroll machine went "live" at a convenience store in Fort Worth, Texas, the company has rolled out 500 Mr. Payroll and RPM machines in grocery and convenience store locations across the country, including Kroger, Circle K, H-E-B Pantry Foods, Wal-Mart, K-Mart, Texaco and RaceTrac. Since the summer of 1999, all InnoVentry installments have been with the more advanced RPM machines.
The company plans to deploy an additional 500 RPM machines by 2001.
"The steady growth of our business indicates that retailers are responding to their customers' desire for convenient and secure self-service check cashing," said Frank Petro Jr., chairman and CEO of InnoVentry. "Our goal is to build on the machines' current functionality to provide a broad range of financial services including traditional ATM functionality, money orders and money transfers."
Designed primarily for the "self banked," the RPM machines are touch screen activated and include a multimedia second screen that can deliver customized educational and promotional messages in English and Spanish.
InnoVentry's RPM 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.
Backed by the wholesale bank of Wells Fargo & Co., InnoVentry has enrolled more than 760,000 customers and cashed over two million checks since its launch in 1998.
