NCR partners Transoft to deliver UBS currency management solution
28 May 2003 | 3913 views | 0
NCR is teaming up with US-based retail banking software vendor Transoft International to deliver a complete currency management solution to Swiss bank UBS.
UBS says the solution is being introduced to make cost savings in the way it supplies cash to its ATMs and branches in Switzerland. The bank is looking to reduce cash holdings by 25%.
The solution will be based on Transoft's OptiCash and OptiNet products. NCR has overall responsibility for the project and will work with Transoft to implement and maintain the software.
UBS will use the OptiCash software, which applies mathematical algorithms to historical, event and cost information, to optimise the level of cash held at its 1300 branch and ATM outlets in Switzerland.
Paul Thuer of NCR's financial solutions division, Switzerland, says ATMs must continue to represent the highest levels of customer convenience and a unit with too much cash costs banks unnecessarily.
"Managing cash effectively will ensure UBS's costs are kept to a minimum and also, more importantly, the service provided through UBS's ATMs can be relied on by their customers," says Thuer.
The bank has begun implementation of the solution and a pilot involving 150 cash outlets is scheduled to begin in October 2003.