Sign in Subscribe
Commercial banks

IVI Checkmate Corp. Enters US Retail Banking Market with NationsBank Partnership

Strategic Insights

— 1 min read

IVI Checkmate Corp., a leading provider of electronic payment solutions, has announced its entry into the US retail banking market with a significant order from NationsBank. The company's CMR 430 check readers will be installed in multiple banking offices throughout the NationsBank franchise, aimed at reducing counterfeit fraud losses. This partnership marks a strategic move for IVI Checkmate, following its successful venture in the Latin American retail banking market, where it sold over $6 million worth of check readers in the last 30 months.

Key Takeaways:

  • IVI Checkmate Corp. has secured a significant order from NationsBank for its CMR 430 check readers, marking its entry into the US retail banking market.
  • The CMR 430 check reader is designed to detect and deter counterfeit fraud losses, and will be installed in multiple banking offices throughout the NationsBank franchise.
  • IVI Checkmate has sold over $6 million worth of check readers in the Latin American retail banking market over the last 30 months, showcasing its success in this market segment.
  • The company's products have proven to increase branch teller productivity, enhance customer service, and provide security solutions for the teller lanes.
  • IVI Checkmate dominates the large retail marketplace, with solutions installed in over 70 of the top 100 retailers, and a population of check readers exceeding 500,000 units.
  • The company will provide check solutions, PIN recognition, and electronic signature security systems to the US retail banking market, which has over 400,000 teller lanes seeking productivity and security solutions.

Statistics:

  • IVI Checkmate has sold over $6 million worth of check readers in the Latin American retail banking market over the last 30 months.
  • The company has a population of check readers exceeding 500,000 units.
  • Over 70 of the top 100 retailers have IVI Checkmate's solutions installed.
  • Over 400,000 teller lanes in the US retail banking market are seeking productivity and security solutions.
  • IVI Checkmate's CMR 430 check reader is designed to detect and deter counterfeit fraud losses.

Sources:

  • IVI Checkmate Corp. (Nasdaq-NMS:CMIV; TSE:IVC) press release, July 14, 1998
  • NationsBank spokesperson, as quoted in the press release
  • Gregory A. Lewis, president and chief operating officer of IVI Checkmate's US operations, as quoted in the press release

Read more