News

InnoVentry adds money orders at its kiosks

March 27, 2002

SAN FRANCISCO -- InnoVentry Corp. has added a new financial transaction, the issuing of money orders, at its RPM automated financial kiosks.

Money orders can be obtained while a customer is cashing a check at an RPM, during a single session. The company also plans to accept cash bills at its kiosks, for direct purchase of money orders and other financial services, by this September.

To date, RPM kiosks have offered automated check cashing and ATM services. According to a press release, the company also intends to introduce wire transfer and other services later this year.

InnoVentry, which, is backed by strategic partners that include Capital One Financial (NYSE:
COF) and Wells Fargo & Co. (NYSE: WFC), has deployed more than 1,100 RPM kiosks in national retail stores, including Albertson's, Circle K, Kmart, Kroger and Wal-Mart.

After enrolling in the InnoVentry network, consumers can use any of the company's machines nationwide without needing a bank card or PIN number.

"We are building on our solid foundation of automated check cashing customers, to offer a full range of financial solutions for the millions of working Americans who do not regularly use traditional bank accounts," said Frank Petro, chairman and CEO.  "For these consumers, we deliver one-stop financial shopping in a convenient, 24-hour retail environment."

Petro said the advantages to retailers with RPM kiosks include attracting new customers, obtaining a new source of revenues, and removing the risk and costs associated with handling check cashing and other services at a customer service counter.