Monday, November 13, 2006

BAI Press Announcement

Biometric Check Cashing Service Offers Fraud Prevention and Regulatory Compliance

The Pay By Touch Paycheck Secure Service to Help Banks and Credit Unions Build a Bridge to 45 Million Underbanked Consumers,

Pay By Touch, the leader in biometric authentication, personalized marketing and payment solutions, today announced that its Paycheck Secure(R) service is being offered to financial institutions. Paycheck Secure is a biometric check-cashing service that can help banks and credit unions generate additional non-interest fee-based income while decreasing the risk of fraud and meeting regulatory compliance requirements.

The Pay By Touch(R) Paycheck Secure service lets people cash checks using a simple finger scan to authenticate their identity. Already used by more than three million consumers in 1,700 retail locations nationwide, Paycheck Secure is a popular and widely adopted biometric check cashing service.

The Paycheck Secure service has been proven to drive an increase in check cashing volume in retail settings, while decreasing write-offs by 75 percent(1) as compared to other check management solutions. It has the power to help financial institutions streamline branch handling of 'on us' and 'non- bank' checks, reduce the risk of fraud and support regulatory compliance through OFAC screening and SAR and CTR reporting.

The Paycheck Secure service can also help banks and credit unions reach the more than 45 million 'underbanked' consumers(2) who are presently underserved by financial institutions. According to the Center for Financial Services Information (CFSI), this group represents 40 million households and spends $10.9 billion per year on 324 million alternative financial transactions. A 2006 study by BearingPoint and Visa reveals that the underbanked generate $1.1 trillion in income.

"There is no better way to protect the security and privacy of your customer than with our Paycheck Secure Service. Through biometrics, we can help banks to more securely address large and growing opportunities. For instance, the historically underbanked Hispanic community will drive 50 percent of the growth in retail banking in the decade to come(3)," said John Rogers, founder, Chairman, and CEO of Pay By Touch. "The Paycheck Secure service can help banks protect themselves while building a bridge to 45 million underbanked consumers."

The Paycheck Secure service is easy to use and easy to implement. Early adopter Zions First National Bank has rolled it out across 12 branch locations in Utah and Idaho. "The service is proving popular with customers because it makes the process of cashing checks quick and hassle-free," said Rob Brough, Senior Vice President of Marketing and Communications of Zions Bank. "Customers gain additional peace of mind knowing that no one else can fraudulently cash their paychecks."

"Banks and credit unions have proven far less successful than alternative financial services providers at using check cashing to build deeper relationships with the unbanked and underbanked," said Gwenn Bezard, Research Director with Aite Group. "Biometric check cashing represents a unique opportunity for banks and credit unions to turn around a commoditized product and differentiate on speed, quality and security of service to address those segments. It also offers them an efficient and secure way to expand the service to non-customers by mitigating traffic issues."

The one-time signup for the Paycheck Secure service is quick and easy to complete. To enroll new customers, banks digitally scan the consumer's I.D., take an electronic photograph and capture two fingerprints, creating a unique customer profile for that individual. At subsequent visits to the bank, the customer need only place his/her finger on the scanner to safely and securely cash payroll and government checks.

For additional information about the Paycheck Secure service, visit Pay By Touch in Booth #2370 at the BAI Retail Delivery Conference & Expo in Las Vegas, Nevada, November 14 - 17, 2006 or go to

About Pay By Touch

Pay By Touch ( is wowing the world one touch at a time as the leader in biometric authentication, personalized marketing and payment solutions. To date, the company's patented biometric services enable 3.3 million shoppers to quickly and securely access personal accounts using a finger scan to identify themselves, make purchases and cash checks at 2,400 locations nationwide. It also provides robust payment processing solutions for ACH (electronic checking), card-present and card-not-present debit and credit transactions for 138,000 retail clients. Founded in 2002 and headquartered in San Francisco, Pay By Touch employs 700 professionals and holds more than 50 patents worldwide on secure, convenient and cost-effective transaction solutions.

(1) Pay By Touch implementation analysis of Paycheck Secure within retail settings.
(2) A 2006 study by BearingPoint and Visa reveals that 28 million consumers are entirely unbanked, lacking a transactional savings or checking account, and another 17 million consumers are presently underserved by financial institutions, amounting to a total of 45 million underbanked consumers.
(3) Source FDIC

SOURCE Pay By Touch Krista Thomas of Pay By Touch, +1-415-728-2142, or; or Laura Bakken of Porter Novelli, +1-408-369-4667, or, for Pay By Touch Copyright (C) 2006 PR Newswire. All rights reserved

BAI - Retail Delivery Conference & Expo
Michael D. Eisner, former Chief Executive Officer of the Walt Disney Co., will lead the first general session of the banking industry's annual meeting. He will illustrate how a focus on innovation is essential, because significant financial success is nearly always the consequence of creative breakthroughs.

Paul Kapioski, President of Thriftway, and Drew Hyatt, Senior Vice President of Pay By Touch, will present the conference session: "Biometrics: It’s Happening Today at a Store Near You!"

November 14 - 16, 2006
Mandalay Bay Resort, Las Vegas
Visit, e-mail: or call 888-284-4076

Pay By Touch

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