WASHINGTON -- Food Marketing Institute here said it has formed a strategic alliance with Financial Supermarkets, Cornelia, Ga., that will allow for the creation of private-label banking services.
Supermarkets not only understands our industry, it has committed to providing one-stop, in-store financial centers in full compliance with the new security guidelines developed between FMI and the American Bankers Association."
J. Alton Wingate, president and CEO of FSI, added "As pioneers of in-store financial service centers for the retail industry, FSI is extremely pleased to be partnering with the supermarket industry's premier trade association. This alliance will allow us to offer a complete turnkey package of financial services operated under the name of each individual supermarket company including customized design, installation, training, marketing, operations and all necessary consulting services."
FMI said the alliance agreement will allow supermarket operators more control and considerably more influence than they've had with traditional in-store banking relationships.
The new banking centers will offer a complete range of services, including Internet banking, unlimited check writing and free use of ATMs.