FREMONT, Calif. — Tranax Technologies, developer of ATMs and self-service kiosks, announced strong demand for its Mini-Bank family of "Essential Banking" ATMs for credit unions and smaller banks. Among the first credit unions to buy the new low-cost, high-quality ATMS are Fairleigh Dickinson Federal Credit Union, GPO Federal Credit Union, Southeast Financial Credit Union, Lake Chem Federal Credit Union, New South Credit Union, Cumorah Credit Union, Forest Area Federal Credit Union, Finger Lakes Healthcare Federal Credit Union, and Stevenson Federal Credit Union. To date Tranax has sold several hundred banking ATMs to many community banks and credit unions throughout the country. "Essential banking services provide credit unions and smaller banks a level playing field with the larger banks," said Dr. Hansup Kwon, founder and chief executive officer of Tranax. "We're delighted with the demand that we have experienced thus far, and expect it to only increase over time." When TDES security upgrades became an industry requirement in 2004, Tranax saw an opportunity to enter the financial institutions market to serve credit unions and smaller banks. While these smaller FIs faced the same security requirements as larger banks, there were no ATMs available tailored to meet their specific needs. Instead, smaller banks could only purchase expensive machines loaded with services they could not use or afford, or refurbished machines that came with their own challenges. "We program and configure each machine to the individual requirements of the end user, and then set up, test and stage it before we ship. Our shipping response time is in days, not the weeks or months typical of larger manufacturers," said Dr. Kwon.
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