SALT LAKE CITY, July 5 /PRNewswire/ -- Zions Bank, a subsidiary of Zions
Bancorporation (Nasdaq: ZION), announced today the launch of its Zions Express
product that brings the convenience of biometric check-cashing to consumers
who wish to cash payroll and government checks. Twelve branches in Utah and
Idaho will be the first to pilot the program. Zions Bank's introduction of
the new system, powered by Pay By Touch, marks the first time a major
financial institution has used a biometric tool to provide check-cashing
services.
Zions Express uses biometric technology to electronically capture an
individual's finger image, converts the image into a set of datapoints that
are used to match the customer at the time of transaction and then records
check transactions associated with that person.
Not only is enrollment in Zions Express free to the general public, it
also takes just a few minutes. When a consumer cashes a payroll check for the
first time, he or she gives the teller just one form of valid identification.
Next, the bank representative scans the individual's two index fingers and
takes his or her electronic photo. Repeat customers need only use their
finger image to complete future transactions.
Zions Bank account holders pay no fees for check cashing, and non-clients
pay a fee of 1.5 percent per check -- a competitive rate compared to other
check-cashing companies that charge up to four or five percent per check.
Zions Bank branches that will be the first to offer Zions Express are
located in Salt Lake City, Ogden, West Valley City, Midvale, Provo, Price and
Park City. In Idaho, Zions Bank branches in Caldwell and Burley will pilot
the program.
"Not only will this program make it easier and more convenient for clients
to cash checks quickly, it will also serve individuals who typically do not
visit banks to cash checks or make deposits, but who want a more affordable
and convenient way to cash checks," said LeeAnne Linderman, executive vice
president and director of Branch Banking for Zions Bank. "We are excited to
be able to provide this safe, effective and hassle-free method of
check-cashing."
Because of the certainty of biometric identification, companies like Zions
Bank benefit from lower incidences of fraudulent checks being accepted at
branches. By helping retailers reduce fraud, Pay By Touch enables retailers
to keep check-cashing fees reasonably priced for consumers. Since May 2000,
retailers across the country have cashed more than $8 billion in checks using
Pay By Touch's biometrically initiated check-cashing system.
About Zions Bank
Zions Bank, a subsidiary of Zions Bancorporation (Nasdaq: ZION), operates
133 full-service branches and more than 200 ATMs throughout Utah and Idaho.
In addition to a wide range of traditional banking services, Zions offers a
comprehensive array of investment, mortgage, and insurance services, and has a
network of loan origination offices for small businesses nationwide. The
company is also a leader in providing electronic banking services, including
electronic municipal bond trading. Founded in 1873, Zions has been serving
the communities of the Intermountain West for more than 130 years. Additional
information on Zions Bank is available at www.zionsbank.com.
About Pay By Touch
Pay By Touch is the global leader of biometric authentication,
personalized rewards, and payment solutions. The company's patented biometric
products and services enable shoppers to conveniently and securely access
personal accounts using a finger scan to identify themselves, make purchases,
cash checks, and earn rewards. Pay By Touch also provides robust payment
processing solutions for ACH (electronic checking), card-present and
card-not-present debit and credit transactions. To date, Pay By Touch
services over 154,000 retail clients, manages personalized rewards programs
for more than 130 million opt-in consumers, and has more than 2.3 million
shoppers using biometric authentication products and services at 2,000+
locations coast to coast. Founded in 2002, Pay By Touch is a privately held
company headquartered in San Francisco that employs more than
600 professionals and holds more than two-dozen U.S. issued patents. For
additional company information, visit www.paybytouch.com. For additional
information about the Paycheck Secure product, visit www.paychecksecure.com.
SOURCE Zions Bank