7-Eleven, Inc. Announces New Check-Cashing Agreement for Vcom(R)
03 April 2004 - 12:30AM
PR Newswire (US)
7-Eleven, Inc. Announces New Check-Cashing Agreement for Vcom(R)
CashWorks, Inc. to Provide Check-Cashing Solutions in 1,000
7-Eleven(R) Stores DALLAS, April 2 /PRNewswire-FirstCall/ --
7-Eleven, Inc. has selected CashWorks, Inc., a leading provider of
automated payroll check- cashing solutions, to provide
check-cashing services at select 7-Eleven(R) stores equipped with
the convenience-store company's self-service Vcom(R) kiosk. Terms
of the agreement were not disclosed. Consumers can cash government
and payroll checks at approximately 1,000 7-Eleven stores in 13
states where Vcom is installed. According to check- cashing
industry publications, each year 30 million people cash 180 million
checks, totaling more than $55 billion, at check-cashing
establishments in the United States. "We chose CashWorks because
they specialize in cashing payroll and government checks, expertly
applying their risk-decisioning methodology in the convenience
store channel," said Brady Giddens, 7-Eleven's managing director of
Vcom. "This is an ideal fit for Vcom and should serve our
convenience customers well." CashWorks has a state-of-the-art
Central Decision Engine(TM) (CDE) that runs on a proprietary system
and uses a wide range of internal and external data designed to
evaluate check-cashing requests within a dynamic risk- evaluation
architecture. "This is a great opportunity for us to bring
CashWorks technology, reliability and convenience to 7-Eleven and
to deliver a service that meets the needs of 7-Eleven's Vcom
customers," said Ken Rees, president of CashWorks. Vcom, which
stands for "virtual commerce," is 7-Eleven stores' proprietary
kiosk that offers ATM capabilities and touch-screen convenience to
provide customers withfinancial and other services 24 hours a day.
Customers can use Vcom kiosks to conduct ATM transactions, cash
checks, purchase money orders and money transfers, access Verizon
residential telephone services, pay bills and purchase phone and
stored-value cards. After a customer enrolls for Vcom membership,
the member can access the fully automated check-cashing service
simply by inserting their Vcom membership card and their check into
the Vcom kiosk slots, then entering a personal identification
number, or PIN, and pertinent information about the check via the
touch screen. In moments the check is verified, authorized and, if
approved, the customer receives the cash, minus a transaction fee.
The typical Vcom self-service transaction takes less than two
minutes. This release includes certain statements that are
considered "forward- looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Any statement
that is not a statement of historical fact should be deemed to be a
forward-looking statement. Because these forward- looking
statements involve risks and uncertainties, actual results may
differ materially from those expressed or implied by these
forward-looking statements. There can be no assurance that (i) we
have correctly measured or identified all of the factors affecting
our business or the extent of their likely impact; (ii) the
publicly available information with respect to those factors on
which our business analysis is based is complete or accurate; (iii)
our analysis is correct; or (iv) our strategy, which is based in
part on this analysis, will be successful. Additional information
about these risks and uncertainties and other matters can be found
in the company's annual report on Form10-K for the year ended
December 31, 2003, and in its periodic reports on Forms 10-Q and
8-K. About 7-Eleven, Inc. 7-Eleven, Inc. is the premier name and
largest chain in the convenience retailing industry. Headquartered
in Dallas, Texas, 7-Eleven, Inc. operates or franchises
approximately 5,800 7-Eleven(R) stores in the United States and
Canada and licenses approximately 20,500 7-Eleven stores in 17
other countries and U.S. territories throughout the world. During
2003, 7-Eleven stores worldwidegenerated total sales of more than
$36 billion. Find out more online at http://www.7-eleven.com/ .
About CashWorks, Inc. Formed in 2001, CashWorks is a leading
provider of technology-based solutions within the non-bank
financial services industry. CashWorks currently provides its
automated check cashing solution through hundreds of convenience
and grocery store merchants across the country. CashWorks, Inc. is
a unit of GE Consumer Finance and is headquartered in Dallas,
Texas. For more information about CashWorks, visit
http://www.cashworksinc.com/ . 7-Eleven Contacts: Investor
Relations: Media: Carole Davidson, CFA Margaret Chabris (214)
828-7021 (214) 828-7345 CashWorks Contact: Media: Cristy Williams
(678) 518-2596 DATASOURCE: 7-Eleven, Inc. CONTACT: investor
relations, Carole Davidson, CFA, +1-214-828-7021, or media,
Margaret Chabris, +1-214-828-7345, both of 7-Eleven, Inc.; or
Cristy Williams of CashWorks, Inc., +1-678-518-2596 Web site:
http://www.7-eleven.com/ http://www.cashworksinc.com/
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