News

Vero intros new automated check cashing product

November 18, 2004

PORTLAND, Ore. - Vero, a company founded by several former principals of Card Capture Services, is showing an end-to-end automated check cashing solution at this week's BAI Retail Delivery Conference & Expo in Las Vegas.

Vero's initial product offering is designed to help financial institutions minimize losses due to check fraud associated with serving unbanked customers.

According to a news release, the product uses a proprietary Fraud Detection Engine to analyze each transaction by cross-correlating various factors that detect fraud involving both people and paper. The solution intuitively leverages all previous fraud instances and develops new parameters that are automatically applied to the next transaction. 

Typically, a bank employee will gather information to enroll the check casher as a customer member during a one-time enrollment process. Following enrollment, check cashers can cash their checks at an ATM/kiosk rather than visiting a teller.

Pricing for the Vero solution ranges from $5,000 to $40,000 for equipment, with additional fees for services provided on a subscription basis.

Palm Desert National Bank (PDNB), an independent community bank, will be the first to implement Vero's automated check cashing solution. A Vero enrollment station and ATM/kiosk will be installed in PDNB's La Quinta, Calif., branch following the BAI show. 

PDNB selected the La Quinta branch as the first installation site as an added benefit for many of its corporate banking customers who provide paychecks to unbanked employees.

"Many of the largest corporate customers of our La Quinta branch employ a great number of unbanked customers," said Randal Miller, PDNB's president and chief operating officer. "We can now expand our relationship with these customers by offering them a wide variety of solutions, including check cashing, and in the future, wire transfers, money orders, and debit cards with a one-time enrollment process enabled by non-invasive technology."

PDNB's Electronic Banking Solutions (EBS) division also plans to offer the solution to its network of vault cash customers in 2005.