Thursday, April 13, 2006

TIO Networks and Tranax to launch hybrid ATM network

From this press release:
TIO Networks Corp., formerly Info Touch Technologies Corp., owner of North America’s leading automated bill payment and financial services network, (TSX-V: TNC), and Tranax Technologies, Inc., the leading innovator of self-service technology, today announced a strategic partnership to pursue the self-service market. The first phase of the partnership is to launch a joint hybrid ATM initiative. With this agreement, TIO financial services will be available on the new Tranax Mini-Bank 4000 series ATMs.
As part of the joint initiative, Tranax has developed a new Hybrid kiosk which enables the Tranax Mini-Bank 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. TIO’s capabilities allow real-time intelligent links to a number of the largest billers in the U.S. including telecommunications companies and utilities.
The unbanked market seems to be hot these days, and expanding TIO's core service line with traditional ATM capabilities makes sense. Of course, this will also widen their customer base to include a portion of the banked population willing to part with a few bucks in transaction fees when they badly need cash

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