Costco Selects Vontier’s Invenco by GVR Technology to Power Advanced Payment Solutions Across Entire Canadian Portfolio
Vontier (NYSE: VNT) announced that Costco Wholesale has chosen Vontier's Invenco by GVR to provide advanced payment solutions for their 76 fueling sites across Canada. The rollout will begin in October 2024. The solution includes the FlexPay 6 Modular 15-inch outdoor payment terminal and iNFX microservices architecture, offering benefits such as over-the-air upgrades, enhanced security, and seamless integration capabilities.
This collaboration aims to enhance Costco's member experience with improved uptime, faster transaction speeds, and new communication methods at the pump. The distributed iNFX architecture allows outdoor payment terminals to function as standalone point-of-sale systems, eliminating single points of failure common in traditional fueling setups.
Vontier (NYSE: VNT) ha annunciato che Costco Wholesale ha scelto Invenco by GVR di Vontier per fornire soluzioni di pagamento avanzate per i loro 76 punti di rifornimento in tutto il Canada. L'implementazione inizierà a ottobre 2024. La soluzione include il terminal di pagamento esterno modulare FlexPay 6 da 15 pollici e l'architettura di microservizi iNFX, offrendo vantaggi come aggiornamenti over-the-air, maggiore sicurezza e capacità di integrazione senza interruzioni.
Questa collaborazione mira a migliorare l'esperienza dei membri di Costco con una maggiore disponibilità, velocità di transazione più elevate e nuovi metodi di comunicazione alla pompa. L'architettura distribuita iNFX consente ai terminali di pagamento esterni di funzionare come sistemi di punto vendita autonomi, eliminando i punti di guasto singoli comuni nei tradizionali impianti di rifornimento.
Vontier (NYSE: VNT) anunció que Costco Wholesale ha elegido Invenco by GVR de Vontier para proporcionar soluciones de pago avanzadas en sus 76 estaciones de servicio en Canadá. El despliegue comenzará en octubre de 2024. La solución incluye el terminal de pago exterior modular FlexPay 6 de 15 pulgadas y la arquitectura de microservicios iNFX, ofreciendo beneficios como actualizaciones por aire, mayor seguridad y capacidades de integración sin inconvenientes.
Esta colaboración tiene como objetivo mejorar la experiencia de los miembros de Costco con mayor tiempo de funcionamiento, velocidades de transacción más rápidas y nuevos métodos de comunicación en la bomba. La arquitectura distribuida iNFX permite que los terminales de pago al aire libre funcionen como sistemas de punto de venta independientes, eliminando los puntos únicos de fallo comunes en las configuraciones tradicionales de suministro de combustible.
본티어(Vontier, NYSE: VNT)는 코스트코 도매(Costco Wholesale)가 캐나다 전역의 76개 주유소에 고급 결제 솔루션을 제공하기 위해 본티어의 인벤코 바이 GVR(Invenco by GVR)을 선택했다고 발표했습니다. 배포는 2024년 10월에 시작될 예정입니다. 이 솔루션에는 15인치 모듈형 실외 결제 단말기 FlexPay 6와 iNFX 마이크로서비스 아키텍처가 포함되어 있으며, 공중에서의 업데이트, 향상된 보안 및 원활한 통합 기능과 같은 이점을 제공합니다.
이 협력의 목표는 코스트코의 회원 경험을 향상시켜 가동 시간 증가, 빠른 거래 속도 및 펌프에서의 새로운 통신 방법을 제공하는 것입니다. 분산형 iNFX 아키텍처는 실외 결제 단말기가 독립적인 판매 시점 시스템으로 작동하도록 하여 전통적인 주유 시스템에서 흔히 발생하는 단일 실패 지점을 제거합니다.
Vontier (NYSE: VNT) a annoncé que Costco Wholesale a choisi Invenco by GVR de Vontier pour fournir des solutions de paiement avancées pour ses 76 stations-service à travers le Canada. Le déploiement commencera en octobre 2024. La solution comprend le terminal de paiement extérieur modulaire FlexPay 6 de 15 pouces et l'architecture de microservices iNFX, offrant des avantages tels que des mises à jour over-the-air, une sécurité renforcée et des capacités d'intégration fluides.
Cette collaboration vise à améliorer l'expérience des membres de Costco avec une meilleure disponibilité, des vitesses de transaction plus rapides et de nouvelles méthodes de communication à la pompe. L'architecture distribuée iNFX permet aux terminaux de paiement extérieurs de fonctionner comme des systèmes de point de vente autonomes, éliminant ainsi les points de défaillance uniques qui sont courants dans les configurations de ravitaillement traditionnelles.
Vontier (NYSE: VNT) gab bekannt, dass Costco Wholesale Vontiers Invenco by GVR ausgewählt hat, um fortschrittliche Zahlungslösungen für ihre 76 Tankstellen in ganz Kanada bereitzustellen. Die Einführung wird im Oktober 2024 beginnen. Die Lösung umfasst das 15-Zoll modulare Außenzahlungsterminal FlexPay 6 und die iNFX-Mikrodienste-Architektur und bietet Vorteile wie Luftaktualisierungen, verbesserte Sicherheit und nahtlose Integrationsmöglichkeiten.
Diese Zusammenarbeit zielt darauf ab, das Mitgliedererlebnis von Costco mit verbesserter Betriebszeit, schnelleren Transaktionsgeschwindigkeiten und neuen Kommunikationsmethoden an der Pumpe zu verbessern. Die verteilte iNFX-Architektur ermöglicht es den Außenzahlungsterminals, als eigenständige Point-of-Sale-Systeme zu fungieren und damit einzelne Ausfallstellen, die in herkömmlichen Tankanordnungen häufig vorkommen, zu beseitigen.
- Vontier secures contract with major retailer Costco for 76 fueling sites in Canada
- Implementation of advanced payment solutions to enhance customer experience and loyalty
- Potential for increased revenue and market share in the fuel retail technology sector
- Demonstration of Vontier's technological capabilities and competitive advantage in the industry
- Rollout not scheduled to begin until October 2024, delaying potential revenue recognition
- to Canadian market, not covering Costco's larger U.S. operations
Insights
This partnership between Costco and Vontier's Invenco by GVR is a positive development for Vontier (NYSE: VNT). The deal to provide advanced payment solutions for Costco's 76 fueling sites in Canada represents a significant business opportunity. While the financial terms aren't disclosed, the rollout across Costco's entire Canadian portfolio suggests a substantial contract value.
The selection of Invenco's technology by a high-profile retailer like Costco validates Vontier's strategic acquisition of Invenco two years ago. This showcases Vontier's ability to leverage acquisitions to win major contracts and expand its market presence. The deal could potentially lead to future opportunities with Costco in other markets, providing a growth catalyst for Vontier's mobility ecosystem solutions.
Investors should monitor how this partnership impacts Vontier's revenue and market share in the fuel retail technology sector, as well as any potential for similar deals with other major retailers.
Invenco by GVR's technology offering for Costco is technologically advanced and addresses key pain points in the fuel retail sector. The FlexPay 6 Modular 15-inch outdoor payment terminal and iNFX microservices architecture provide several notable advantages:
- Over-the-air upgrades for improved maintenance and feature updates
- Enhanced security and compliance measures
- APIs and modular plug-ins for seamless integration
- Distributed architecture eliminating single points of failure
The ability to function as a standalone point of sale system is particularly innovative, potentially reducing downtime and improving reliability. This technology could set a new industry standard for fuel retail payment systems, positioning Vontier as a leader in the field.
This partnership signals a significant shift in the fuel retail technology market. Costco's selection of Invenco by GVR over potential competitors suggests a growing demand for advanced, integrated payment solutions in the industry. The focus on enhancing customer experience through faster transactions, improved uptime and personalized communication at the pump aligns with broader retail trends.
The deal could influence other major retailers to upgrade their fuel payment systems, potentially accelerating market growth. Vontier's ability to offer a comprehensive solution that combines Invenco's technology with GVR's established presence gives it a competitive edge in capturing this market opportunity.
Investors should watch for similar announcements from other fuel retailers and monitor how this partnership affects Vontier's market position and revenue growth in the coming years.
- FlexPay 6 Terminal and iNFX Architecture Selected for Maximum Uptime and Transaction Speed
- Invenco by GVR Will Begin Rollout to 76 Sites in October 2024
Costco is a high-volume fuel retailer and prioritizes maintaining exceptional member satisfaction, with maximum uptime and transaction speeds. Costco’s member experience will be further enhanced with Invenco’s cutting-edge technology, which allows for communication with members at the pump in new ways, including bespoke media and customized loyalty.
Invenco's solution features the FlexPay 6 Modular 15-inch outdoor payment terminal and iNFX microservices architecture. For Costco, this means uptime benefits including over-the-air upgrades and optimum security and compliance. The iNFX solution also includes standards-based APIs and modular plug-ins, enabling seamless integration with Invenco’s, Costco’s, and other third-party hardware, software, and services. With the distributed iNFX architecture, the outdoor payment terminals also act as a standalone point of sales system - eliminating single points of failure common in traditional fueling architectures.
Costco and Gilbarco Veeder-Root (GVR) have a longstanding relationship in the fueling sector. Vontier’s acquisition of Invenco two years ago, plus the joining of so many integrated solutions under their umbrella, has led to a superior solution that simplifies support and ensures greater uptime at each fueling position.
“The name ‘Costco’ is synonymous with customer-centric obsession and we’re proud to help our longstanding partner continue to provide the best experience to their millions of members – who we know sometimes travel well out of their way to get fuel at Costco,” said Mark Morelli, President & CEO, Vontier.
“Invenco and GVR have worked closely with the Costco team to develop and implement this cutting-edge solution for their Canadian fueling stations,” said Karthik Ganapathi, President, Invenco by GVR. “Their relentless pursuit of enhanced uptime, faster transaction times, and improved member experiences has driven several improvements in our Invenco FlexPay 6 terminals – providing wins for everyone involved.”
The collaboration highlights the power of GVR and Invenco’s distributed fuel control and payments systems, which will be highlighted at the upcoming NACS Expo in October 2024.
About Vontier
Vontier (NYSE: VNT) is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier enables the way the world moves – delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation built upon the foundation of the Vontier Business System and embraced by colleagues worldwide. Additional information about Vontier is available on the Company’s website at www.vontier.com.
About Invenco by GVR:
Invenco by GVR, a Vontier business, is a global leader in the convenience retail industry. Built to help customers adapt and innovate to stay ahead, Invenco by GVR will be the operating system for convenience retail, producing agile solutions for accelerated growth and value. Invenco by GVR Solutions can be found in nearly 165,000 connected devices across 50,000 convenience stores in more than 50 countries. To find out more about Invenco by GVR visit www.invenco.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240911281438/en/
Corporate Communications:
Nicole Beck
Director, External Communications, Vontier Corporation
Nicole.beck@vontier.com
Investor Relations:
Ryan Edelman
Vice President, Investor Relations, Vontier Corporation
ryan.edelman@vontier.com
Source: Vontier Corporation
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