Fremont, CA (PRWEB) January 10, 2007
Tranax Technologies Inc., the industry's leading developer of ATMs and self-service kiosks, today announced its decision to continue its own manufacturing, and terminate its agreement with Korean manufacturer Nautilus Hyosung Inc. The decision comes on the heels of successful launches of two products produced in-house.
"The partnership between Tranax and Nautilus Hyosung has served both companies profitably and well," said Dr. Hansup Kwon, Founder and CEO of Tranax. "It provided Tranax with a strong manufacturing partner with which to enter the U.S. retail ATM Market. It gave Nautilus Hyosung a partner that understands how to design a high-value product for the U.S. market backed up by a high level of service and support. But now it's time for Tranax to take greater control of its own products and destiny."
"The decision has been considered for some time now," said Kwon. "It will in no way disrupt the availability of equipment or parts, nor will it impact the production of a host of new innovative products designed for the retail, banking, and self service industries."
History of Partnership and Vision
From the start, Tranax has teamed with companies that have enabled it to enter new markets, build a strong channel of distribution, and drive industry leadership and growth.
In the spring of 1998, Tranax entered the retail ATM market with Nautilus Hyosung and a product and a program of systems and services that enabled the Tranax ISOs to compete with products from well-established vendors. The company's industry-defining Mini-Bank Series enabled convenience stores, gas stations, and fast food stores to enter the competitive ATM market with a better product at a lower price.
When the market for ATMs began to mature Kwon sought out new ways to extend Tranax's product functionality and to expand into new markets. As early as 2000, the company began to look at innovative approaches to drive growth by delivering new features designed to increase the number of machine transactions.
In early 2003 the entrepreneurial company set its sights on the financial institution ATM market where new regulations for security and access for the disabled dictated upgrades for many financial institutions' ATMs. Tranax came into the financial market in 2004 with a high quality, low-cost ATM that provided "essential banking services" for smaller financial institutions such as community banks and credit unions, at a fraction of the total cost of ownership of traditional ATMs.
Making Its Own Mark in the Industry
In 2005 Tranax introduced the Mini-Bank 4000 Platform of products, its first entirely self-designed and manufactured ATM and self-service machine for the retail segment. Developing its own hardware and software gave Tranax greater control over the design of each machine. It also provided Tranax with a new ability, enabling the company to respond more quickly to market changes with advanced functionality and product enhancements. By providing its own manufacturing, Tranax can also deliver local service and support to distributors and customers.
With the Mini-Bank 4000, Tranax transformed the ATM from a cash dispenser to a "bank-in-a-box," providing a full range of banking services including bill payment, check cashing, money transfer, pre-paid calls, cell phone top-off, and the depositing of checks.
Also in 2005, Tranax released its new Check Cashing Self-Service Terminal, the first in a series of stand-alone self-service terminals (SSTs). In keeping with Kwon's vision, the new SSTs enable customers to cash checks with immediate verification and approval, access account information, print statements, receive cash, research loans, or enroll for an account debit card. The state-of-the-art systems also help retail stores and banks build customer loyalty and brand awareness, increase transactions, and reduce costs through a robust, highly secure self-service terminal. The new machines are currently being sold in full-scale deployments to larger retail chains.
Dr. Hansup Kwon is considered a visionary and entrepreneur in the retail ATM and self-service industries and is highly regarded for his company's business practices and phenomenal growth.
Tranax leads the ATM and self-service industry in the design, development, manufacture, and sale of self-service technology to the retail, banking, hospitality, entertainment, and gaming industries. Founded in 1986 by Dr. Hansup Kwon, the Fremont, California-based company has sold 80,000 ATMs across North America.
Robin D. Stavisky
New Venture Marketing
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