News

Vero expands deployment, integration of automated check cashing

November 20, 2006

PORTLAND, Ore. - Vero Inc., a financial-services-technology provider, has expanded deployment options for its automated check-cashing solution through an application programming interface.

Simply known as API, Vero's application programming interface provides financial institutions, check-cashing stores and retailers with implementation flexibility for their self-service strategies. With Vero's API, organizations have complete control over integrating Vero's automated check-cashing solution into their existing systems.

"Customers want control in implementing and executing their self-service strategy," said Dave Grano, Vero's president and chief executive. "More importantly, we believe that financial self-service strategies need a unified transaction platform to manage the variety of services customers desire. The concept of a single-purpose advanced-function ATM has limited market and revenue opportunity. Solution providers like Vero need to provide APIs so that financial institutions can leverage their current platforms into providing a cost-effective self-service solution."

Grano said an FI with a network of ATMs upgraded for deposit capture can simply add automated check cashing with little additional effort.

Vero's check-cashing solution and new API uses a proprietary decision engine that analyzes hundreds of data points to determine the legitimacy of every transaction. The engine's adaptive-decision capability allows quick-transaction execution while minimizing risk to the transaction provider. Utilizing a one-time enrollment process, detailed image analysis and an adaptable rules engine, financial-transaction providers can securely control and manage the transaction process.

Vero's API is being tested and is expected to hit the market in spring 2007.