Check-Cashing Bitcoin ATMs Bow

Announcements, Blockchain, FinTech, Innovation, Regulation | June 22, 2017 By:

First Bitcoin Capital Corp (BITCF) has partnered with Simple Automated Money, Inc. (SAMCO) to provide automated check-cashing kiosks through BITCF locations in Northern California.

Ohio-based SAMCO brought to market the first successful implementation of the automated check cashing kiosk, which allows customers to cash any check on their own. Customers insert an ID card, then check and validate their identity through fingerprint technology. The kiosk verifies customer identity, performs an online check authorization, and issues an approval or decline back to the consumer before dispensing cash.

SAMCO will integrate a bitcoin ATM into self-service check cashing kiosks and will be testing customer acceptance with three units in northern California. During the testing phase, BITCF will offer discounted check-cashing services and will promote the new service through online advertising, in-store signs and special events. BITCF anticipates beginning a national rollout later this year.

BITCF will also integrate bitcoin buy and sell capabilities throughout a nationwide network of 85 existing SAMCO kiosks. The company will integrate bitcoin ATM transactions, money orders, and transfers, as well as check cashing through touchscreen biometric secure access.

Earlier this month, BITCF teamed with SinglePoint to develop a blockchain solution specifically for high-risk payment verticals, including the cannabis industry.