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DALLAS -- 7-Eleven signed an agreement with Financial Services Centers Cooperative that will eventually allow members of FSCC-network credit unions to use shared branching Vcom kiosks at 2,250 7-Eleven locations across the United States, The Credit Union Journal reported.
John Dyer, director of financial services for 7-Eleven, said the company has been looking to "revolutionize delivery of services" since 1991. As for the kiosks: "The machine is an ATM on steroids," Dyer said about he Vcom kiosk. "It does a variety of functions, including transfers, cashing checks and Western Union money transfer capability. We have 1,700 right now. When all is said and done, we will have 2,250 and growing."
Beginning approximately fourth quarter this year, credit union members will be able to perform a variety of functions on 7-Eleven's Vcom kiosks, including deposits, withdrawals, transfers and loan payments, said Sarah Canepa Bang, CEO of FSCC. The initial rollout is scheduled for 1,052 of the stores that currently have the Vcom machines, with close to 1,200 locations being added as soon as possible, the report stated.
"This gives us instant mass," said Bang. "It puts us on a level playing field with the biggest banks in the country. No one is beating us to the punch on this. It is an opportunity for credit unions to increase their depository capability. We are keeping the credit union movement up-to-date on the latest technology."
Members of the other shared-branching networks also will be able to use the Vcom kiosks, she added. "We, as credit unions, cooperate all the time."
Bang said FSCC first approached 7-Eleven about shared branching in March 2004. Dyer said the deal with FSCC is a continuation of other collaborations with financial services companies announced in recent months, including surcharge-free ATM agreements with Citibank and CO-OP Network, according to the report.
"7-Eleven is No. 2 in total terminal count behind Bank of America," he said. "We think of ourselves as offering convenience. We are the corner market where people pick things up on the way home. Now, instead of driving another mile to a branch, people can save a stop by depositing a check at our store. These FSCC members are already our customers; we'll be able to serve them better. And, we're open 24/7."
According to Bang, FSCC's technology partner, San Mateo, Calif.-based Ensenta, provided the critical component to finalize the 7-Eleven partnership.