BURNABY, B.C. -- Automated bill payment and financial services network owner TIO Networks Corp., formerly Info Touch Technologies Corp., and Tranax Technologies Inc., a provider of of self-service technology, have forged 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 [image-nocss] 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.
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 prepaid cards all at one place, said Dr. Hansup Kwon, president and CEO of Tranax Technologies, Fremont, Calif. 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, chairman and CEO of Burnaby, B.C.-based TIO Networks Corp.
The Tranax hybrid ATMs with TIO services will be available to distributors and retailers this spring.
Tranax develops and offers self-service technology, serving the retail, banking, hospitality, entertainment and gaming industries. It has installed more than 65,000 ATMs and self-service terminals throughout North America, it said.
TIO, a strategic investment of Hewlett Packard, is building a national multi-retailer network of financial services kiosks for the cash-preferred consumer marketplace in North America. It leverages its core competencies in self-service bill payment processing, financial services aggregation and automation to create financial viability for its network and its location partners. Clients include Circle K, ExxonMobil, Cingular Wireless, Speedway SuperAmerica, Cricket Communications, COX Communications, Memphis Light Gas & Water and Qwest Communications.
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