Tranax Announces the Launch of the Check Cashing Self-Service Terminal Powered by Financial Payments

The launch of this new solution provides consumers with the ability to cash virtually any form of check, not just government or payroll checks as has been the limitation with other solutions. An entirely self-service solution, the Check Cashing SST delivers the functionality to complete full at-terminal account enrollment, account debit card issuance and real-time check verification and approval, eliminating the need for any clerk interaction. In addition to check cashing, this new terminal offers full retail ATM functionality, all from a single terminal. 

“Our abilities in hardware and terminal-based software development, combined with Financial Payments check processing engine, have ensured we are delivering the most robust self-service check cashing terminal available on the market today.  The partnership we have formed with Financial Payments is an exciting one as we see the self-service check cashing market as one that has substantial potential. As such we have made the commitment to be one of leaders in this new market segment. Central to our new self-service product line, the Check Cashing SST is a product that will deliver enormous benefits to consumers, merchants and our distribution partners alike.” states Tranax President & CEO, Dr Hansup Kwon.  

The Check Cashing SST has been designed to provide consumers with the ability to access complete check cashing services 24/7 in a fast and convenient way. At the same time its delivers merchants and our distribution partners a range of key benefits including increased revenue opportunities, product differentiation and the opportunity to deliver check cashing services without the need to assume all the associated risks and liabilities. 

“Tranax has a reputation for being a leader in providing hardware and technology to the self-service industry.  We feel it is a natural fit for our business to be working with them to launch our services.   The complements of our relationship will benefit organizations that want enhanced transaction sets to be more competitive in their current space, while opening opportunities in new markets” says Brent Turner, Chief Operating Officer of Financial Payments, LP. 

Tranax and Financial Payments are currently in the process of conducting beta trials of this new solution which is commercially available for general purchase at the end of the second quarter of 2005.