STRATEGIC PARTNERS
January 3, 2002
SAN FRANCISCO -- According to a press release issued by InnoVentry Corp., the company now operates in more locations than any other independent check-cashing chain in the country.
InnoVentry, which distributes RPM™-branded financial transaction kiosks, has deployed 1,250 of the check-cashing machines across 27 states in less than two years. By comparison, the largest chain of check-cashing stores has opened approximately 1,220 locations over a 15-year period.
InnoVentry's touch-screen activated kiosks are located in retail stores, including Albertson's, Kroger, Circle K, Kmart, Wal-Mart, Texaco and H-E-B Pantry.
According to the release, InnoVentry targets the more than 60 million Americans who cash checks and perform other routine financial transactions outside of the traditional banking system.InnoVentry research indicates as many as 51 percent of RPM users are new customers to the store, and that nearly two-thirds of these customers remain in the store to shop.
"InnoVentry has created a model for providing a dignified and convenient way for people to cash their checks," said Frank Petro, chief executive officer of InnoVentry. "Our rapid growth is a result of providing an important service to people who are ignored by traditional financial institutions."
In addition to check-cashing and standard ATM transactions, a number of RPMs now issue money orders. By this September, the machines will be able to accept cash bills for direct purchase of money orders and other financial services, according to the release.
