February 20, 2005

Vero - using ATMs to automate cheque cashing

An article on Vero tells the story of a new service to the 'unbanked' for feeding their cheques (checks) into an ATM to get them cashed on the spot, based on a one-time sign up process.

"The check is inserted into the machine, scanned electronically for signs of fraud, and either cashed or rejected, all in about the time it takes for a regular ATM transaction. According to Grano, the Vero system completes the transaction for between $1 and $1.50, much less than the up to 3 percent of a check's face value charged by check cashing companies or the $5 to $7 charged by some banks."

It's certainly a service that's needed, but can it be made to work?

Posted by iang at February 20, 2005 10:40 AM | TrackBack
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