STRATEGIC PARTNERS
September 1, 1999
SAN FRANCISCO -- InnoVentry's efforts to roll out its cash machines in retail locations in the Southwest is more definitive thanks to a contract the company has signed with The Kroger Co. Up to 179 RPM (Rapid Pay Machines) will be placed in Kroger's grocery stores with 50 devices planned for installment later this year in Houston and Dallas. A pilot project involving three of the machines has occurred at Kroger stores in Dallas since 1997. Formerly innoVisions, InnoVentry 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. RPM is geared to the estimated 40 million people who are self-banked -- they have no bank account or do not rely on traditional banks for routine financial transactions. Before now these self-banked people have had to meet their cash needs through such means as check-cashing stores, currency exchanges,a nd other alternative service-providers. Now, they can use RPM to cash their own checks without a picture ID, bank card or PIN because the machine relies on face-recognition biometrics for security. RPM also serves as a basic ATM and will eventually serve as a platform to deliver electronic money transfer and bill payment services. RPM also provides customized promotional and educational messages in several languages. Kroger, headquartered in Cincinnati, is one of the leading retailers in the Southwest region, as well as the nation, with 179 stores in Texas and Louisiana. Based in San Francisco, InnoVentry is jointly owned by Wells Fargo & Co.'s wholesale bank and Cash America International.
