Check Into Cash(R) Completes Check Cashing Conversion to Chexar(R) Risk Management Platform
Posted on: Monday, 13 July 2009, 09:00 CDT
CLEVELAND, Tenn., July 13 /PRNewswire/ --Check Into Cash, Inc. has just completed the conversion of more than 1,000 of its financial service centers to a risk management solution offered by 8 year old Chexar Networks, Inc. ("Chexar") in Atlanta, Georgia. The transition is a key step in Check Into Cash's transformation into one of the nation's largest diversified financial service retailers, serving the more than 100 million under-banked people in America.
Steve Scoggins, Check Into Cash President & COO explained that "check cashing is a major component of our strategic plan for the future and Chexar's solution has enabled us to experience rapid growth by cashing any type of check that our customers need us to cash. This capability, combined with our other suite of financial products, has positioned us to become a true alternative solution to the nation's under-banked consumers in the 30 states where we operate."
Chexar's unique solution was developed in 2001 originally to facilitate the cashing of all types of checks in the company's own revolutionary Hispanic focused banking operation in Atlanta, GA, called El Banco de Nuestra Comunidad(R) ("El Banco"). Soon after word got out into the banking community that El Banco had a solution that would enable them to compete with traditional check cashing outlets, inquiries started to come in. In 2007, the company sold the banking operation and changed its name to Chexar Networks, Inc. to focus 100% on the technology and verification side of the check cashing business.
Chexar Founder & CEO Drew W. Edwards explained that "our solution is a unique, one of a kind combination of technology, databases, and a live risk management call center where our systems and check cashing experts are able to quickly review checks for our clients and make the appropriate decisions to enable successful check cashing services. We learned while operating El Banco that saying no to our customer was not an option and that these customers expected us to be able to cash over 20 different types of checks including hand written, two party checks, money orders, cashiers checks, rebate checks, insurance checks, etc. The more volume a client does with us, the more automated their checks become as our systems learn the market surrounding each of their locations and our algorithms watch for unusual activity requiring human intervention. This process is very similar to credit card fraud management."
Scoggins added, "The principals at Chexar seem to share our values, know this business, and have been reliable and responsive. These are qualities we look for in a partner."
Edwards went on to say, "I always considered Check Into Cash one of the best operators in the payday advance industry and it is fun to watch as this first class large scale company transforms itself rapidly into a major competitive force in the financial service center industry utilizing our solution."
About Check Into Cash
Founded in Cleveland, Tennessee in 1993 Check Into Cash is a specialty consumer financial services company whose primary product is payday advances. Check Into Cash operates over 1,100 retail locations in 30 states with over 3,200 employees and is a founding member of Community Financial Services Association of America ("CFSA"). Check Into Cash offers a full suite of financial service products which include check cashing services, bill payment services, wire transfer services, money orders, reloadable prepaid debit cards, gift cards, tax preparation services, and ATM access in select locations. For more information, visit www.checkintocash.com.
About Chexar
CHEXAR(R) is a technology and verification company that provides its clients with a centralized turnkey risk management system enabling them to safely and profitably offer professional check cashing services at their retail locations. Chexar's SMART SCORE(sm)check processing system combines a learning database with a live risk management center to successfully manage the risk of cashing all types of checks. Born originally as a retail financial services provider, Chexar and its team bring real insight and support to payday lenders seeking to add check cashing services to their business model. Today many of the nation's top banks, retailers, and payday lenders are turning to Chexar's turnkey solution making Chexar one of the fasting growing total solution providers for check cashing in the industry. Chexar's technology is also available for volume check cashers to license providing robust centralization for their check cashing operations.
Website: http://www.chexar.com
SOURCE Chexar Networks, Inc.
Source: PR Newswire
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