Automated Check Cashing for the Unbanked
Financial technology company Vero™ has developed an automated check cashing system designed to minimize fraud losses for banks and financial institutions that serve the unbanked and make it easier for them to cash their checks.
The system works by employers enrolling their own employees as customers/ members. Enrollment is a one-time event, and it enables financial institutions to use the automated check cashing and fraud detection system to cash checks of people without accounts instead of making those people go through verification procedures every time they need to cash a check.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 11, 1/05
First published on 01/01/2005