Equifax Named Check-Cashing Provider for 7-Eleven, Inc.'s Vcom(TM) Kiosks; Third National Vcom Partner to Offer Services This Summer.
7-Eleven, Inc. (NYSE: SE) and Equifax, Inc. (NYSE: EFX) announced today a strategic relationship in which Equifax will provide automated check-cashing capabilities through 7-Eleven's Vcom(TM) kiosks. In return for an exclusive, eight-year license, Equifax will pay a per-kiosk licensing fee.
Vcom is 7-Eleven(R) stores' web-enabled, integrated financial services kiosk that merges ATM capabilities with the flexibility of Internet-based applications. During the initial stage of introduction, Vcom provides financial services including ATM transactions, money orders, money transfers and check cashing. In the future, 7-Eleven customers will have touch-screen access to services such as bill payment, prepaid long-distance and wireless phone cards, event ticketing, travel directions and road maps. Also, Vcom's Windows NT platform was designed to eventually allow customers online shopping and fulfillment options using 7-Eleven stores' daily distribution infrastructure.
7-Eleven is currently conducting a pilot test and studying customer acceptance of the kiosks with its installation of 94 Vcom units in Texas and Florida. Based on results, 7-Eleven anticipates beginning a national rollout in its remaining stores starting in late 2001 or early 2002.
"We chose Equifax as our check-cashing partner because the company is the premier provider of check-cashing services," said James W. Keyes, 7-Eleven, Inc. president and CEO. "Its focus on innovation, growth and technology is perfectly aligned with our Vcom strategy. This agreement is the third in a series of Vcom relationships with well recognized industry leaders that will give our customers quick, convenient and reliable access to a variety of financial services."
Keyes continued, "Earlier this year, 7-Eleven announced national Vcom alliances with American Express for ATM transactions and Western Union for money order and money transfer services. We also are in discussions with other best-in-class companies to provide telecommunications, banking and Internet-based products and services on this interactive platform."
According to recent industry publications, 30 million consumers cash 180 million checks valued in excess of $55 billion at check-cashing establishments each year. "Equifax adds the strength of our 40 years of risk management experience in the retail market to 7-Eleven's powerful convenience store franchise," says Lee Kennedy, president and chief operating officer of Equifax. "Further, this agreement will make fully automated check-cashing available to consumers, which will set a new standard for speed of service and provide a natural complement to the 7-Eleven concept of convenience."
In accessing Vcom check cashing, consumers will enter their personal information, allowing Equifax to securely verify the identity of the individual in real-time. Once the consumer has been authenticated, a Vcom membership card and PIN are issued for use in future automated check-cashing transactions at 7-Eleven stores. To cash a check, the customer will insert the card and check, then enter their PIN and pertinent information about the check via touch screen access at the Vcom kiosk. Equifax validates the information, performs an online check authorization and issues an approval or decline back to the consumer -- all within a matter of seconds. Equifax will also provide 24/7 customer assistance for consumers with lost or stolen cards and security PIN resets.
About 7-Eleven, Inc:
With more than 21,000 convenience stores worldwide, the operations of 7-Eleven, Inc. include more than 5,700 7-Eleven and other convenience stores in the United States and Canada. In addition, licensees and affiliates operate more than 15,300 7-Eleven stores in the United States, its territories and 17 other countries. 7-Eleven stores' home page is located at www.7-eleven.com.
About Equifax Inc.:
Equifax (www.equifax.com), based in Atlanta, enables and secures global commerce through its information management, transaction processing, direct marketing, and customer relationship management businesses. As an acknowledged leader in information services, Equifax serves the financial services, retail, credit card, transportation, telecommunications/utilities, information technology and healthcare industries and government, adding value wherever customers do business, including the Internet and other networks. Equifax also enlightens, enables and empowers consumers to manage their own financial health with services offered at www.equifax.com. The company ranked in the top five in return on equity among Business Week's Best Performers for 2001. Equifax employs about 12,000 associates in 17 countries with sales in around 50 and has $2 billion in revenue.
Additional Note: Some of the matters discussed in this news release contain forward-looking statements regarding the Companies' future business prospects, which are subject to certain risks and uncertainties, including competitive pressures, adverse economic conditions and governmental regulations. These issues, and other factors, which may be identified from time to time in the Companies' reports filed with the SEC, could cause actual results to differ materially from those indicated in the forward-looking statements.
CONTACT: Margaret Chabris, 7-Eleven, Inc.
Direct Line: (214) 828-7285
Carol Hassell, Equifax, Inc.
Direct Line: (404) 885-8217
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|Date:||May 22, 2001|
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