Ontario – Toronto GTA – Burlington
Corporation
www.kerridgeinternational.com
Ontario
Toronto GTA
Burlington
Corporation
active
Mission Statement: Deployment of €œstate of the art€? bank systems providing easy to obtain, affordable banking and financial services for €œeveryone€?!
Technology Statement: Easy to use terminals satisfy US Bank Act Standards, the Patriot Act, Anti Money Laundering (AML) Act, Check 21 Check Imaging, Remote Deposit Capture (RDC) and arrive Plug‘n€™Play.
Systems Summary
Kerridge International has developed a fraud resistant bank service: 1) scan and authenticate* with Optical Character Recognition (OCR) a personal, government or payroll paper check
2) convert that check to an electronic deposit via Check 21/Remote Deposit Capture rules
3) scan and authenticate* with Optical Character Recognition (OCR) the ID presented by the person cashing the check via Patriot Act rules
4) load the check (or cash) into an instant issue FDIC Bank Account or Stored value card account
5) instantly print - issue a €œPass Port€? Debit Card or Stored Value Card
6) have available funds accessible to the card holder at any ATM or retail POS terminal for payment
7) offer other financial products loaded on the terminal for sale to the card holder ie. Prepaid Long Distance, Wireless, International Money Transfers, Hybrid mail, etc.
* The Federal Reserve estimates check fraud costs at $15 billion per year and anticipate continued growth by 5 to 10 percent annually. According to the Consumer Banking Association 42 billion paper checks are written each year in the U.S.
The Kerridge International Solution, dubbed KISS Banking (Keep It Simple Solutions for banking everyone), is the only solution of its kind that offers a complete turn key "plug'n'play" solution that satisfies all aspects of current US government financial services acts: Patriot Act (consult 25+ international watch lists of persons - companies as well as custom watch lists)
Anti Money Laundering Act (consult 25+ international watch lists and track who the payor and payee are)
Check 21 (electronic check presentment of check to bank for deposit)
Remote Deposit Capture (paper check is imaged, voided and returned to client)
NOTE: the KISS "Pass Port" check cashing card meets new FFIEC mandate for multifactor security (PIN and Biometric token) to be present on cards used to access ATM's.
Optical Character Recognition (OCR) eliminates the need for teller/operator interaction with the keyboard!
All information from the check and the clients ID are Optically Scanned into the system populating all relevant fields, check amount, employer, employers address, SSN, driver license and address.
OCR further speeds up data entry reading both cursive (hand writing on check) and machine type (check - ID).
OCR allows for the comparison of check - customer ID data.
With the addition of "instant print - issue" prepaid products, e-couponing, Bill Payment, Int'l Money Transfers, a Prepaid Product Suite and other financial products the KISS Modular Retail Teller Terminal (MRTT) has truly become a financial services platform.
Consolidate all other financial products reducing counter clutter and additional inventory those other products create! Train you customer service staff in minutes on one system!
KISS Banking: Keep It Simple Solutions for banking everyone!
Patent Pending
Target Market Size and Projected Market Growth
General €œunbanked€? Population: 75-100 Million adults in North America do not have bank accounts or credit cards
(Source: Deirdre McMurdy news article and Visa USA)
Composed of people: • 30 million using NaCCA check cashers now
• 14+ million monthly Social Security recipients
• Government benefit checks ie. military, etc
• millions of weekly Payroll checks
• personal checks
• family income of $35,000 to $40,000/yr
An August 2006 Study by Washington, DC think tank Inter-American Dialogue, indicates that the KISS Banking system would satisfy the needs of the unbanked by offering a card with the following features; Photo ID, Debit Card Bank Account Access, Loyalty Program and Long Distance option. The study further shows suggested future services should include: Bill Payment, Over Draft Protection, Savings, Credit and non-financial services (ie catalog shopping, travel etc). We PRESENTLY OFFER all of these services except travel.
According to the Center for Financial Services Information (CFSI), 45 million €œunder banked€? consumers who are presently underserved by financial institutions, represents 40 million households and spends $10.9 billion per year on 324 million alternative financial transactions.
A 2006 study by BearingPoint and Visa reveals that 28 million consumers are entirely unbanked; lacking a transactional savings or checking account, and another 17 million consumers are presently underserved by financial institutions, amounting to a total of 45 million under banked consumers. Further the report estimates that under banked consumers spend between $300-$400 per year in bill payment fees, including check cashing, money orders and other fees.
(Source: BearingPoint and Visa Study)
The Yankee group reports that as many as 65% of prepaid debit card users are under 35 years old. As well, 20% of cell phone users are expected to consist of prepaid customers with over 40 million cell phone users between the ages of 10 and 24, giving full validation for the RBA cell phone technology option KISS Banking utilizes.
(Source: Tefisto Partners for Green Dot and Yankee Group)
Morgan Stanley identifies 30 million US individuals with either no credit score or a poor credit score. (Source: Tefisto Partners)
Fair Isaac estimates that of the 215 million credit eligible adults in the US, around 50 million are unable to receive traditional FICO risk score, of which 32 million have too little credit to be given a FICO score and 22 million have no credit history.
The Pelorus Group projects that the number of prepaid debit cards issued will grow from 6.3 million in 2002 to 38.7 million in 2007.
(Source: 'Stored Value Cards and Financial Institutions' – Pulse)
Debit Card Payments are expected to grow from $11 billion in 2001 to $49 billion in 2020 – from 7.3% to 23.5% of all transactions
(Source: The Nilson Report)
Kerridge International Corporation, Canada is an Ontario registered corporation. KI Corp wholly owns Kerridge International Inc., USA a Nevada registered C-Corporation.
Country of Ownership: Canada
Year Established: 2005
Exporting: Yes
Primary Industry (NAICS): 334110 - Computer and Peripheral Equipment Manufacturing
Alternate Industries (NAICS): 522329 - Other Financial Transactions Processing and Clearing House Activities
561621 - Security Systems Services (except Locksmiths)
Primary Business Activity: Manufacturer / Processor / Producer
Total Sales ($CDN): $200,000 to $499,999
Number of Employees: 8
Products:
Kiss banking, Ocr passport, Ocr drivers licenses, Ocr "other" id docs
Technology:
Hardware: bank teller terminals, border passport and visa issue.
Software: bank systems, OCR technology.
Sector:
Classification Codes
Dun and Bradstreet Number: 243140196
CAGE Code: L6108
Plant Information: Total Plant Size (Areas sq ft): 40,000
Distribution of Employees
Canada
USA
Unique Applications: Terminals collect data in the field from paper or card ID documents sending it back to servers which authenticate the data confirming the person is who they say they are as well as authenticating the documents.
Terminal then prints an instant issue plastic ID card. Flat, full color, both sides and encodes a magnetic stripe or smart chip.
Cards contain Photo, signature and biometric of card holder. Smart chip may be added to hold more information.
Key / Major Clients: Presently partnered with RBA Int'l and associated with Visa.
World Alliance of Mayors
HOPE Foundation
US Dept of Homelands Security
Success Stories: Photo ID financial based cards ie debit cards may be produced from our terminals.
Photo ID non financial based cards ie National ID, Travel Visa, Health cards etc may be produced from our terminals.
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