News

Companies join forces to develop multi-functional kiosk for the unbanked

March 1, 2011

Consumers can now cash checks, pay bills, load prepaid cards and send money using one kiosk solution.

Designed by Chexar Networks, a provider of full-service check cashing, check-to-card, and check guarantee solutions, and Nexxo Financial Corporation, a company specializing in kiosk technology, the kiosk is the first full-service check-cashing kiosk in the market capable of cashing any type of check using any type of consumer identification allowed by law, according to a press release.

Nexxo has more than 1,000 self-service kiosks in the market that have processed millions of remittance and bill payment transactions. Chexar has thousands of client locations around the country that offer full-service check cashing and check-to-card services to under-banked consumers. The companies have combined forces to launch the new solution that is easy and safe for consumers to use, said Dave Alvarez, founder and chief executive officer of Nexxo.

"Every retail and financial services partner we have wants one machine that can do it all: cash a check, pay a bill, send money, load a prepaid card, sell a phone card – and do it all in few seconds with a simple, easy customer experience," he said. "We have been able to leverage our extensive experience in kiosk-based money transfer and bill pay, and Chexar's check cashing technology to finally provide the solution everyone has been asking for. "

Alvarez said retailers and financial service providers no longer need a fully-staffed money center to meet the financial needs of the growing under-banked market.

"You can now leverage technology to economically offer the best services available, open all of the hours your location is open, giving your customers a faster, easier and simpler experience," he said.

The first implementation went live late last year in Nexxo-owned retail locations in Los Angeles and is now being made available to partners. Company executives said there is significant demand among their existing client bases and in new markets.

"I believe that self-service for the under-banked consumer has a place in the same way ATMs have had a place for the banked consumer," said Drew Edwards, Chexar founder and chief executive officer. "For that to happen, the core service for this consumer, check cashing, had to be fully available at the self-service kiosk. We think what we have built with Nexxo breaks all previous barriers and will set the standard for future devices. This will enable our clients to expand their reach and availability in a more cost effective way."