Tuesday, May 11, 2010

Finovate: Point of Wealth Systems

POWR - clear vision - enable financial security for millions of working americans.

A reverse ATM, converting cash into electronic funds. 50B USD paid out in bar / restaurant services in cash compensation. But cash held by individuals has grown 13% according to FDIC. POW is aiming to roll out 25 thousand reverse ATMs over the next few years.

What happens to the 137m USD earned by bar and restaurant industry workers daily? The target is the unbanked or the services industry workers without the benefits from their employers.

This is like an ATM with touch screen. They can put cash in the machine and contribute to a retirement fund (IRA) opened at the machine, add credit to a cell phone, top up a prepaid Visa card, etc. You can even buy stuff on line and have it shipped - paid in cash. The partners who place the machines pickup the cash nightly, and an account is credited over night.

So this is really looking at getting the cash out of peoples pockets into fair cost accounts and services. This is an opportuntity for small FIs to get into this broad market of people rapidly.

Simple and easy.

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