October 23, 2012, Mt. Prospect, IL—Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, was recognized this week as one of 10 winners of the 2012 Chicago Innovation Awards.
Winners were announced at Chicago’s Harris Theater on Monday, October 22 with more than 1000 business and civic leaders attending. Celebrating its 11th year, the Chicago Innovation Awards program is the Chicago region’s foremost recognition of the most innovative new products or services brought to market or to public service each year.
The JetScan iFX® i100 currency and check scanner is the first and only device to image and process both cash and checks, which, until now, have been processed separately. This innovative currency and check processing solution is a game changer for financial institutions (FIs), retailers and casinos.
Streamlining Deposit Processing Across Multiple Industries
Prior to the JetScan iFX i100, tellers had to count cash into a drawer and count or scan checks, putting them aside for separate processing and verification. Retailers had similarly inefficient processes for handling cash and checks. Now, both FIs and their retail or commercial depositors can process, completely balance and post or submit an entire deposit electronically on a single device, in a fraction of the time.
At 400 checks per minute, the JetScan iFX i100 captures check images 222 percent faster than single-purpose check scanners. Its highly accurate MICR encoding and CAR/LAR reading and error correction capabilities allow large deposits to be completed right at the teller or in the back office after counting down cash drawers. Cash is processed at an industry leading 1,600 notes per minute.
Gaming properties also benefit from processing checks and cash more effectively using the JetScan iFX i100. In addition, casinos can use the i100 to image and archive tickets removed from slot machines – for even greater efficiency and cost savings.
William Jones, Chairman and CEO of Cummins Allison said, “We are very honored to receive this recognition for the JetScan iFX i100. Our Chicago roots have fostered our commitment to developing new technologies that help businesses address the day-to-day challenge of working more efficiently and saving money. The JetScan iFX platform is our most recent example of how we deliver on that promise – but our dedicated team of visionary leaders is always at work on the next revolutionary solution.”
“The new products and services brought to market in the Chicago region each year represent the most important economic engine driving the new economy,” said Thomas D. Kuczmarski, Co-Founder with Chicago journalist Dan Miller of the awards. “The economy is challenging, but each nominee believes the simple truth that a powerful new product will find a rewarding market and each has the courage to pursue their vision.”
Cummins Allison will join the other winners of this year’s Chicago Innovation Awards in ringing the NASDAQ bell in New York City on February 25, 2013. “This is one way of carrying the message of Chicago innovation to other parts of the nation,” said Luke Tanen, Executive Director of the Awards. The winners will also meet with Governor Quinn to discuss their winning product or service and ways to advance innovation in Illinois.
The Chicago Innovation Awards is supported by sponsors including Wrigley, Comcast Business Class, Disney Institute, Edelman, SmithBucklin and others.
For more information about the JetScan iFX i100, please visit cumminsallison.com/i100checks.
About Cummins Allison
Cummins Allison is a global leader in developing technologies which count, sort and authenticate currency. The U.S.-based company has a 125 year heritage of leadership in technology and product innovation and currently serves the majority of financial institutions worldwide, as well as leading organizations in retail, casinos, law enforcement and government. The company holds more than 350 patents and has ongoing research and development (R&D) investments double the industry average. Cummins Allison is headquartered near Chicago, IL with R&D centers near San Diego, CA and Philadelphia, PA and wholly owned subsidiaries in Canada, the United Kingdom, Ireland, Germany and France. The company also has an extensive sales and service network with more than 50 offices in North America and is represented in over 70 countries. For more information, visit www.cumminsallison.com.
Carol Moore – Vice President Marketing Luke Tanen
Cummins Allison Corp. Chicago Innovation Awards
Tel: 847.759.6403 firstname.lastname@example.org