News

TIO Networks, Tranax form alliance to launch hybrid ATM

TIO will process all of Tranax' kiosk financial transactions on self-service devices, but not ATMs.

April 16, 2006

BURNABY, British Columbia - TIO Networks Corp., formerly Info Touch Technologies Corp., and Tranax Technologies Inc., an innovator of self-service technology, have entered a strategic partnership to pursue the self-service market.

According to a news release, the first phase of the partnership is to launch a hybrid ATM initiative. TIO financial services will be available on Tranax's MB c4000 series ATMs. And Tranax's hybrid kiosk enables its 4000 series ATM to offer TIO Networks' suite of financial services. TIO's services include bill payment, stored-value-card dispensing and reloading, and prepaid services.

TIO Networks will process all transactions for financial applications, except for the traditional ATM services.

"Tranax and TIO Networks have taken our strengths in secure financial transactions to create a new self-service platform that will allow customers to get cash, pay bills and buy pre-paid cards all at one place," Tranax president and chief executive Hansup Kwon said. "We are providing retailers and other businesses with the ability to serve their customers with a broad array of financial transactions more quickly and conveniently than ever before."

"The Mini Bank 4000 series represents the best-in-class convergence of ATM and self-service functionality, bundled in a cost effective hybrid ATM solution. Combining our processing capability with a hybrid ATM is a cost effective way to expand our presence in this growing market," said Hamed Shahbazi, TIO Networks chairman and CEO. The Tranax hybrid ATMs with TIO services are expected to be available to distributors and retailers this spring.

[Editor's note: Info Touch Technologies became Tio Networks in April 2006.]