News

Tranax, Financial Payments launch check-cashing ATM

May 22, 2005

FREMONT, Calif. - Tranax Technologies Inc. has launched its Check Cashing Self-Service Terminal, which is powered by Amarillo, Texas-based Financial Payments LP.

According to a news release, the two companies partnered to create the SST, which represents the convergence of traditional ATM functionality with full, terminal-based, self-service check-cashing technologies. Beta trials are being conducted, with the expectation that the terminal will be ready for commercial deployment by the close of the second quarter.

The solution provides consumers with the ability to cash virtually any form of check, not just government or payroll checks, as well as complete full at-terminal account enrollment, account debit card issuance and real-time check verification and approval. It also offers full retail ATM functionality.

"Our abilities in hardware and terminal-based software development, combined with Financial Payments' check-processing engine, have ensured we are delivering the most robust self-service check-cashing terminal available on the market today," said Tranax president and chief executive Dr. Hansup Kwon. "The partnership we have formed with Financial Payments is an exciting one, as we see the self-service check-cashing market as one that has substantial potential. As such we have made the commitment to be one of leaders in this new market segment. Central to our new self-service product line, the Check Cashing SST is a product that will deliver enormous benefits to consumers, merchants and our distribution partners alike."

"We feel it is a natural fit for our business to be working with them to launch our services," said Brent Turner, Financial Payments' chief operating officer.