An off-beat working capital funding model for a supplier of modems to one section of Australia's ATM payments network may be wound down.The New Zealand maker of VComms, ATM modems, connected to this idiosyncratic scheme to finance their supply, has resolved to suspend ties with the scheme.David Dickinson, CEO of Viper Connect Limited, told Banking Day of this new direction. Inquiries over recent weeks by Banking Day and some other informed payments sector operators stimulated the rethink by Viper and VComms late last month.The aim was to drum up working capital to fund the supply of several thousand modems with bank and non-bank buyers.Via Gold Coast finance broker Corr Piccone, VComms pitched returns ranging from 11.5 per cent to 13.5 per cent with income paid monthly for the purchase of a 'VComms 4G device' under a 60 month contract.The modems seem intended to take a pride of place in the architecture of Australia's ATM network.VComms and Viper have origins as a niche undertaking by experienced hands in NZ bank risk management, to some degree building a product they'd wished they'd been able to buy.

Dickinson said he'd understood the promotional brochure would be directed to high net worth investors eligible to consider an offer.Corr Piccone said the offer was "not for mums and dads."