SOURCE: Nexxo Financial

Nexxo Financial

June 07, 2012 09:11 ET

Carver Federal Savings Bank Partners With Nexxo Financial Corporation to Provide Underbanked Consumers New Services With Less Hassle and Cost

BURLINGAME, CA--(Marketwire - Jun 7, 2012) - Carver Federal Savings Bank is leading the next generation of banking by providing financial services not traditionally offered by banks. By partnering with Nexxo Financial Corporation, Carver is adding four user-friendly kiosks at ATMs around New York City where underbanked consumers can access alternative financial services conveniently and affordably. Nexxo developed this technology to bring a full range of services together in one unique bank-in-a-box kiosk.

Starting in July, Carver's new and existing customers will be able to quickly and easily cash checks, buy money orders, load pre-paid cards, pay bills, and send money. After this pilot, Carver expects to add twenty more kiosks later in the year.

"We're making lives easier for our consumers by offering much needed alternative financial services without the frustration and expense they experience now. With Nexxo's technology, we can expand cost-effectively to offer our community access around the clock at convenient locations," said Ed Sheerins, Vice President, Head of Branch Administration, Carver Federal Savings Bank.

"Carver is redefining banking by launching a suite of product and services through Carver Community Cash, allowing more of our community residents who have been marginalized to enter or re-enter the banking system. Our goal is to meet the immediate needs of community residents, while providing financial education, access to savings, credit, and other traditional financial services. Our partnership with Nexxo provides Carver an additional delivery channel, giving us more access into our communities," said Deborah C. Wright, Chairman and CEO of Carver Federal Savings Bank.

"Carver was intrigued with our one-stop shopping solution. Now their customers can simply register once, complete most transactions within one minute, and be remembered on their next visit," said Freddie Seba, Vice President Business Development, Nexxo Financial Corporation.

Nexxo technology has been successfully used by retailers for more than six years at 200+ locations in California alone. In fact, Nexxo has processed more than $1 billion at these retail, grocery, and convenience stores. Now financial services companies are seeking to partner with Nexxo to expand their own services.

May saw Nexxo's first partnership with a credit union when Centris Federal Credit Union launched nine kiosks in branches and grocery stores around its Omaha, Nebraska, headquarters. The new partnership with Carver will expand Nexxo's reach in two ways: into the East Coast and into the African-American and Caribbean communities.

The FDIC estimates 60 million people don't use traditional banks for their alternative financial services. Instead, underbanked consumers go to multiple locations and pay high fees to complete their transactions. The financial services industry is transforming dramatically to better meet this growing need. Serving the underbanked market is the hot topic at the 7th Annual Underbanked Financial Services Forum, presented with the Center for Financial Services Innovation, June 13th through 15th in San Francisco.

Both Seba and Sheerins are speaking at the 7th Annual Underbanked Financial Services Forum, and both Nexxo and Carver have booths on the exhibit floor.

Carver Federal Savings Bank is the largest African American-operated bank in the United States. It is headquartered in Harlem, and nearly all of its nine branches and stand-alone 24/7 ATM centers are located in or adjacent to low-to-moderate income neighborhoods.

About Nexxo
Founded in 2003, Nexxo is the leader in self-serve financial solutions. Its Everyday Financial Services Platform (EFS) offers a unified, customer-centric solution that seamlessly handles multiple products (check cashing, money transfer, bill pay, money orders, prepaid card servicing, and phone minute top-ups) and multiple channels (self-serve kiosk, teller-assisted desktop, and via mobile phone). With more than four million transactions and $1 billion processed, Nexxo's technology has been proven at hundreds of field locations. Nexxo offers its turn-key financial solutions and service applications to an expanding network of retail partners, domestic and international banks, and financial service providers. For more information, visit nexxofinancial.com.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates nine full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company's website at www.carverbank.com.

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