Fifth Third upgrades Transoft currency management system
10 July 2007 | 1367 views | 0
Source: Transoft International
Transoft International, a leading provider of currency supply chain management solutions, announced that Cincinnati-based Fifth Third Bank has implemented Transoft's OptiCash version 6 to further enhance the cash management capabilities of its off-site ATM network.
Fifth Third Bank, the 13th largest bank in the country, has been a Transoft customer for over seven years.
Through the use of OptiCash Fifth Third Bank has been able to closely manage currency levels on over 800 ATMs and significantly reduce cash holdings and associated costs. Designed by cash management professionals OptiCash, a comprehensive currency management software solution, automates cash forecasting, cost balancing, ordering, monitoring, expense tracking and more. Utilizing Transoft's exclusive cost optimization technology OptiCash applies sophisticated mathematical algorithms to historical, event and cost data to determine the optimum cash position needed for each cash delivery point to meet consumer demand. In addition by balancing all costs daily the lowest possible cost to service the network is also determined.
The advantages to Fifth Third Bank for moving to OptiCash version 6 are enhanced management reporting, new innovative simulation tools, improved processing capabilities and faster performance through the use of an industry standard Oracle database. These new capabilities have proven to result in even greater recurring cost savings. In addition, the multi-institution flexibility inherent in version 6 allows Fifth Third to also offer ATM cash management services to their processing clients.
"OptiCash allows us to leverage efficiencies and effectively manage cash as we continue to grow our ATM network," said Paul Moore, vice president and director of Alternative Delivery for Fifth Third Bank.
"We are very proud that Fifth Third Bank has been a client of Transoft for these many years," stated Bo H. Holmgreen, president at Transoft. "The opportunity to be associated with such a leading organization on the cutting edge of financial services -- from the latest technology to innovative products -- is quite an honor and testament to the strength of our products and our support."