InnoVentry Corp., the nation’s leading provider of automated cash management services, announced that it now can issue money orders through its RPM automated financial kiosks. Money orders, which are typically used as an alternative to personal checks, 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. InnoVentry, founded in 1998, is backed by strategic partners that include Capital One Financial and Wells Fargo & Co.. There are currently more than 1100 RPM kiosks located in high-traffic national retail stores, including Albertson’s, Circle K, Kmart, Kroger and Wal-Mart. To date, the RPM kiosks have offered automated check cashing and ATM services. With the availability of money orders, and projects underway to introduce wire transfer and other services later this year, the kiosks will deliver a full suite of cash management services in convenient retail locations. Through the use of biometric face recognition technology, consumers can be quickly enrolled in the RPM(TM) Network during their first transaction, and can use any of the company’s machines nationwide without needing a 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. For our retail partners, we attract new customers to stores, provide a new source of revenues and, in many cases, improve their bottom line by removing the risk and costs associated with handling these services manually at a customer service counter. And for InnoVentry, money orders and other new financial products represent new sources of revenue as our network continues to expand.”
Backed by strategic partners that include Capital One Financial (NYSE:COF) and Wells Fargo & Co. (NYSE:WFC), InnoVentry Corp. ([www.innoventry.com]) is the creator of the RPM (TM) Network of automated financial kiosks, which allows consumers to cash checks, purchase money orders and perform other financial functions. A privately held company based in San Francisco, InnoVentry has enrolled more than 1 million customers and cashed more than $1.5 billion worth of checks.