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Future Banking (3/13/01)
FULL STORY:
The bank of the future may carry milk, bread, and coffee as well as cash
checks, issue payment cards and offer ATM services. The world's largest
convenience store chain is introducing a web-enabled, integrated financial
services kiosk that merges the capabilities of an American Express ATM with the
benefits of the Internet. Initially, 7-Eleven's V.com project will provide
conventional ATM services as well as money orders, money transfers and check
cashing. In the future, 7-Eleven anticipates that customers will be able to
have touch-screen access to services such as bill payment, deposit capability,
event ticketing, travel directions and road maps. Last month, 7-Eleven signed a
seven-year exclusive agreement with Western Union Financial Services and
Integrated Payment Systems for money transfer and money order services. Last
week,
7-Eleven signed an agreement for American Express to be the primary provider of
ATM services for 7-Eleven's V.com financial services kiosks.
AmEx, which currently provides ATM services for about 90% of 7-Eleven's 5,300
stores in the USA, will now provide ATM services on V.com in all the areas
where the AmEx holds 7-Eleven ATM contracts. Late last year, American Express
signed a pact with 7-Eleven to offer a reloadable, prepaid gift card and an
Internet shopping card. For more information visit www.7-eleven.com.
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