News

InnoVentry check-cashing kiosks come to Tennessee

March 25, 2002

NASHVILLE, Tenn. - InnoVentry Corp., a San-Francisco-based provider of automated cash management services, has added 130 RPM automated check-cashing kiosks to Kroger supermarkets in the Tennessee cities of Nashville, Knoxville and Memphis.

InnoVentry has already set up a network of more than 1,300 RPM machines in 27 states. Retail chains with RPM machines include Kroger, Circle K, Kmart, Wal-Mart, Albertson's and H-E-B Pantry.

RPM kiosk transactions do not require a card, PIN or membership. To receive cash, customers insert their check into the machine and follow simple instructions on an interactive touchscreen.

First-time customers enroll using a telephone on the kiosk to speak with a customer service representative. Most subsequent transactions are automated and can be completed in less than three minutes.

RPM kiosks use facial recognition technology to verify a customer's identity. Upon receiving the user's consent, RPM kiosks capture a digital photo of the customer's face. Facial recognition software then generates a confidential "signature" from the photograph. This personalized signature is a set of numbers unique to each customer, which can be used to verify identity and protect customers against identity theft and fraudulent transactions.

Frank Petro, InnoVentry's chief executive officer, said the facial recognition technology provides a more secure and convenient alternative to cashing checks and making other financial transactions at the counter.

InnoVentry has enrolled more than 1.1 million customers and cashed more than $1.5 billion worth of checks. InnoVentry is backed by Capital One Financial (NYSE:COF), Wells Fargo & Co. (NYSE:WFC), and other investors.