CashWorks Expands Check Cashing Solution, Introduces Full-Service Kiosk and Bill Pay with Source Technologies

CHARLOTTE, N.C., December 10, 2004-Source Technologies, a leading provider of integrated solutions for managing financial transactions and other secure business processes, announced that CashWorks, a GE Consumer Finance Company, have reached agreement to develop and deploy a Full-Service Kiosk; based on Source Technologies’ concourse™ self service platform, targeted at financially under-served consumers. This innovative approach to check cashing will be available as CashWorks check cashing platform in high volume locations such as grocery and big box retailers.The solution expands CashWorks’ current clerk-assisted check cashing platform, PayPort, into a fully functional Full-Service Kiosk for check cashing. The CashWorks Full-Service Kiosk will also feature bill payment and other financial capabilities for the under-served market. “The Full-Service Kiosk developed by Source Technologies and CashWorks will drive new traffic into stores,” said Will Sowell, general manager, CashWorks. “The Kiosk provides a convenient and secure service for under-served consumers who typically need access to financial services after traditional business hours.”

For customers cashing checks, the Full-Service Kiosk dispenses and loads the value of the check onto a CashWorks branded pin-based ATM/debit card. Customers can use the card for store purchases as they would any ATM/debit card. The Full-Service Kiosk takes the burden off of retailers to process check cashing transactions, and because CashWorks guarantees all of the transactions, the Kiosk is a risk-free solution for handling payroll and government check cashing. “A robust solution with the level of functionality we needed typically requires extensive development time, and the growing demand for self-service solutions in the retail space made speed to market a critical factor,” added Sowell. Source Technologies quickly delivered – The project began in February, and we expect to deploy the full-service check cashing and bill payment solution by the end of the year.”"With the number of teller transactions continuing to rise,and banks feeling continued pressure to control costs, the timing of our concourse product introduction is perfect," said Miles Busby, President of Source Technologies. "We really feel like this is the wave of the future when it comes to teller transactions, providing customers with a great customer experience while reducing bank costs."

Self-service solutions create opportunities for both business owners and consumers; but the key is balancing functionality with cost and time-to-market” said Miles Busby, founder and president, Source Technologies. “As an innovator in this space, we focus on developing solutions that enhance our customers’ operational strengths and introduce revenue-generating capabilities.”

Source Technologies’ CS7700 model from our concourse family of self-service solutions provides a base from which our customers can deploy custom capabilities, and is the foundation from which the CashWorks Full-Service Kiosk was developed. They get the functionality they need at a lower cost with rapid deployment.”

In addition to check cashing, Source Technologies’ - CashWorks Self-Service Kiosk enables customers to make bill payments using cash or the CashWorks Card. Through the Full-Service Kiosk, CashWorks provides direct payment options to more than 4,000 billers nationwide including utilities, retailers, credit card companies and more. The secure kiosk photographs users and authenticates them by scanning identification cards, checks or bills.

About CashWorks
Formed in 2001, and acquired by GE Consumer Finance in 2004, CashWorks, Inc., is an innovative technology and services company that provides an array of financial solutions to consumers who don’t use traditional banks. CashWorks currently provides its automated check cashing solution through thousands of merchants across the United States. CashWorks is headquartered in Dallas, Texas. Visit the company’s web site at http://www.cashworksinc.com.

About Source Technologies
Source Technologies creates innovative, flexible solutions to give companies the power to control transactions, disbursements, and other secure business processes through dynamic hardware and software solutions and self-service terminals. With a focus on automation through self-service, Source Technologies provides end-to-end solutions and system integration services in various industries, including financial services.