Eye On The Competition: Key Expands Check Cashing

DALLAS - Check cashing and verification solutions provider VALID Systems announced that KeyBank is expanding its check cashing program to additional markets across the United States.

KeyBank initially piloted the program in five urban branches in Cleveland in 2005. It is now utilizing VALID's groundbreaking technology at 86 branches in Cleveland, Albany, Colorado Springs, and Denver. More than 7,000 customers have enrolled in the program, with over $20 million in checks cashed. Total losses, by comparison, are $7,500 which company officials said demonstrates the effectiveness of VALID's unique Internet-driven decisioning system. KeyBank plans to expand the check cashing service to additional markets across its footprint in the near term.

Bruce Murphy, KeyBank's executive vice president and president of Community Development Banking, championed the check-cashing program within the bank. Said Murphy, "VALID has given us the ease of use, customer satisfaction and verification power we needed to build our check cashing business successfully. It is a cornerstone of our broader goal of offering a suite of products and services to attract and better serve underbanked consumers, and help them grow into valuable KeyBank customers." (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com