Magazine article American Banker

Wells Venture Selling Multifaceted ATMs for Casinos

Magazine article American Banker

Wells Venture Selling Multifaceted ATMs for Casinos

Article excerpt

Wells Fargo & Co. and Mr. Payroll Corp. hope to hit the jackpot by giving gamblers more convenient access to cash.

Through a fifty-fifty joint venture called Innovisions Inc., the companies are developing a machine for casinos that combines automated teller machine functions with check cashing. Gamblers could have all their cash needs met without going to a cashier's window.

Announcing their deal last week, executives from Wells and Mr. Payroll said they expect to name an Innovisions chief executive officer within a month and to deploy test machines by the fourth quarter under the brand name Quest.

The availability of multiple options-including credit card cash advances, debit withdrawals, and check cashing-would help gamblers skirt the daily ATM withdrawal limits set by banks.

"There is a real value in being able to say to the customer that if you need cash from any source, you can come to this machine," said Michael C. Stinson, co-chief executive officer of Mr. Payroll, which distributes automated check-cashing machines to retailers.

"This is a very different look to what has been a commoditized business," said Frank Petro, an executive vice president at Wells Fargo.

Essentially it is "a labor-saving device for the cash window at the casino," said Mark Walter, an electronic banking consultant based in Birmingham, Mich. "It's going to reduce the time and labor (of) cashing checks and doing advances."

Instead of depending on cashiers for credit card advances, the Quest machine would tap into a call center to verify a customer's identity. …

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