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March 29, 1996 - Image 64

Resource type:
Text
Publication:
The Detroit Jewish News, 1996-03-29

Disclaimer: Computer generated plain text may have errors. Read more about this.

12 MONTH CD

5.61

The Green Baron
Takes To The Skies

ANNUAL
PERCENTAGE
YIELD

Former Air Force Commander Mordechai Hod puts
the business of money changing on passenger
planes.

JENNIFER FRIEDLIN SPECIAL TO THE JEWISH NEWS

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Annual Percentage Yield is effective as of 3-25-96.

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ordechai (Motti) Hod is
accustomed to being at
the helm.
As commander of the
Israeli air force during the Six-
Day War, Hod planned and ex-
ecuted the air war against
Egypt, one of the country's
greatest-ever military gambles.
And, after leaving the air force
in 1973, he went on to an as-
sortment of company chair-
manships and presidencies.
So it's no surprise that when
Hod retired in 1993, he did not
decide to move to a villa in Cae-
sarea and spend his golden
years caring for his grandchil-
dren and playing golf. Instead,
he obtained a doctorate in busi-
ness administration and became
a partner in Inflight Financial
Services, the company that has
developed the first machine to
allow airplane passengers to ex-
change money mid-flight.
Understated and avuncular,
Mr. Hod, 69, speaks animated-
ly about his latest project. "This
is a different adventure all to-
gether."
"In 1996, close to 400 million
passengers will be flying around
the world. If you think about
this as a stream, then if some-
body needs to change money,
he needs to get away from
the stream and go to a bank.
We've designed a concept (that
will bring) the bank into the
stream."
Created for airplane aisles,
the Aero-Cash machine looks
like a duty-free trolley. As stew-
ards wheel the cart through the

plane, passengers will be able to
swipe their credit cards or insert
dollars into the machine in ex-
change for their destination's lo-
cal currency. The commission-
free service will allow tired pas-
sengers to bypass expensive air-
port money changers.
Hod said Inflight Financial
Services, an Israeli company, is
currently negotiating with sev-
eral unspecified international
airlines for the right to put the
machines on board. Although El
Al rejected the proposition and
the Bank of Israel gave the com-
pany the runaround before
granting Inflight authorization
to change money, land-bound
versions of the changers were
recently installed at 10 of Ben-
Gurion Airport's exit gates.
"We are working with the two
most conservative organizations,
banks and airlines. They don't
know how to work creatively,"
said Mr. Hod, adding that proof
of Aero-Cash's potential can be
seen with the land-bound chang-
ing machines. In their first 24
days of operation, during the
slower winter months, the ma-
chines changed a total of
$500,000.
Creative thinking and a will-
ingness to take chances have
characterized most of Mr. Hod's
adventure-filled life. In 1944, at
the age of 18, Mr. Hod, a fourth-
generation Israeli from Kibbutz
Degania, joined the Jewish
Brigade of the British army and
went to Europe to help fight the
Nazis. When the brigade dis-
banded in 1947, Mr. Hod stayed

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