Regions Bank To Provide Enhanced Check Cashing And Deposit Services Through CHEXAR Networks
Atlanta, Georgia, September 26, 2011 – Chexar Networks, Inc. (“CHEXAR®), announced today that Regions Bank, the principal banking subsidiary of Regions Financial Corporation (NYSE: RF), will implement Chexar Networks technology to provide enhanced check cashing and deposit services across the bank’s 1,700 branches in 16 states.
“At Regions we know that consumers value flexibility, convenience and reliability when choosing a financial services provider,” said John Owen, head of consumer services for Regions Bank. “Our relationship with Chexar will allow us to offer a broader suite of products and services to meet the needs of our customers and communities while continuing to deliver the exceptional customer experience that Regions is known for.”
The enhanced check cashing and deposit services will allow consumers with or without a Regions deposit account to cash a wide variety of checks and receive immediate funds availability at any Regions Bank location. The service will be available in all Regions Bank branches by the end of the first quarter in 2012.
“As a nationwide leader in check cashing and guarantee solutions, Chexar has worked with financial services providers for more than ten years to help them meet the financial services needs of a broad base of consumers,” said Drew Edwards, CEO of Chexar. “We are pleased that Regions Bank, one of the largest retail banks in the U.S., is implementing Chexar’s solutions to expand their deposit and check cashing services. We have seen a significant uptick in activity in our bank vertical as financial institutions large and small focus on expanding their services to meet the needs of a broader array of consumers.”
About Chexar
CHEXAR® is the national leader for technology and solutions to enable clients to cash, deposit or load any check with immediate funds availability. Chexar’s solutions provide clients with the ability to truly serve the nation’s under-banked population now estimated to be almost 100 million people. The gating factor for these consumers is their need to change all types of checks into cash or value before they can acquire other services including bill pay, money transfers, or prepaid cards.
Chexar’s solutions enable any business to convert ANY type and ANY size of check to cash or to immediate credit onto Prepaid Cards or as fee-based deposits into bank accounts. The company’s one-of-a-kind solutions combine multiple national databases, rules engines, and proprietary technology with redundant 24/7 risk management centers to achieve the industry’s highest automated and overall approval rates on any check. Chexar’s solutions are deployed across multiple platforms including turnkey point of sale solutions, assisted and self-service kiosk solutions, and full XML integrations. For more information, please visit www.chexar.com.
About Regions Financial Corporation
Regions Financial Corporation, with $131 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,700 banking offices and over 2,100 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.
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