News

Tranax is latest to partner with CashWorks

July 22, 2003

DALLAS, Texas -- CashWorks Inc., a provider of technology solutions for the non-bank financial services industry, will partner  with ATM manufacturer Tranax Technologies to provide check cashing functionality on all Tranax ATMs.

The CashWorks check cashing capabilities will be introduced in July on selected Tranax models and will be expanded to include all models in coming months, according to a news release.

"We are always looking for ways to drive new services and sources of revenue to our distributors and merchant customers," said Bill Dunn, vice president of sales of Tranax Technologies. "The CashWorks payroll check-cashing solution is a natural fit and an important step toward our fulfillment of that mission."

CashWorks employs a clerk-assisted point-of-sale terminal as a transaction authorization device for cashing payroll and government-issued checks. It disburses fund via an ATM already on-site.

"Merchants that utilize Tranax technology are serving CashWorks' customers every day and we think there is tremendous opportunity for both to benefit significantly from this partnership," said Ken Rees, president and chief executive of CashWorks.

CashWorks has patents pending on both the PayPort terminal and on the transaction process itself. Since its launch last year, the CashWorks check-cashing solution has been installed in more than 500 sites across the country.

CashWorks also has partnerships with ATM manufacturers Tidel, Triton and NexTran Industries.

CashWorks was founded in July of 2001. The first CashWorks installation was on a pair of Tidel ATMs at two Town & Country convenience stores in San Angelo, Texas, in January of 2002. Among the ISOs that have signed distribution agreements with CashWorks are Cardtronics and FTI.