Diebold has reached a lease finance agreement for 1400 biometric-based cash management machines to InnoVentry for approximately $60 million.
InnoVentry's cash management machines provide secure cheque cashing and other financial transactions by utilising facial recognition technology to identify the customer, eliminating the need for a bank card and personal identification number (PIN). The machine, equipped with Diebold hardware and InnoVentry software, photographs the user's face upon each visit and confirms identity by comparing the most recent picture against an ongoing file of photographs stored by the company.
The lease agreement with InnoVentry, which includes a contract for Diebold to service the machines, was finalised through Diebold Credit Corporation (DCC).
Backed by Wells Fargo & Co. and Cash America, InnoVentry aims to bring advanced banking and information kiosks to the non-banked. Since its inception in 1998, the San Francisco-based company claims to have enrolled more than 760,000 customers and cashed three million cheques at machines located in retailers across the US.