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Check Cashing Technologies: Market Overview and Vendor Comparison

Check Cashing Technologies: Market Overview and Vendor Comparison

Aite Group reveals that consumers and small businesses continue to cash about US$300 billion checks per year. The check cashing business generates approximately US$2.6 billion, annually.

Boston, MA, March 7, 2007 – In a new report, Check Cashing Technologies: Market Overview and Vendor Comparison, Aite Group examines the state of the check cashing market, outlines opportunities for vendors, reviews the check cashing regulatory framework, profiles major technology vendors and awards the best, and provides case studies of Amscot Financial and Zions Bank. The report is based on over 30 interviews with banks, retailers, c-stores, drugstores, check cashers, trade associations, regulators and technology vendors.

The check cashing market offers opportunities for check authorization services and technology vendors. However, the market is fragmented, and each major distribution channel (i.e., banks, retailers, c-stores, etc.) presents distinct opportunities and challenges. Check cashing also remains a relatively complex product to distribute.

According to Gwenn Bézard, research director at Aite Group and author of the report, "Biometric technologies and the convergence of prepaid cards and check cashing will continue to reshape how check cashing services are delivered. Vendors that successfully embrace those technologies that facilitate the delivery of this service will ultimately dominate the market, as more retailers and banks seek to deliver a service that is more efficient, affordable, compliant, and risk-conscious."

The report delivers awards to: CashWorks, Certegy, Diebold, NCR, Pay By Touch, VALID Systems, Tranax, VERO, and US Biometrics.

This 44-page Impact Report contains 23 figures and tables. Clients of Aite Group's Retail Banking services can download the report