Talaris, the leading provider of cash automation equipment to financial institutions worldwide, announced today a partnership with Fiserv (NASDAQ:FISV), the leading global provider of financial services technology solutions.
This agreement extends the partnership between the companies and ensures bank and credit union branches will be able to reduce their total on-site cash requirements significantly, thereby increasing profitability, security and efficiency.
The partnership leverages Talaris' cash-recycling and cash-distribution technologies and iCom from Fiserv, a cash-management software for completely optimized cash management. Separately, these products have long delivered value to banks and credit unions. The Talaris VerteraTM teller cash recycler offers secure features that provide branch staff and customers with effortless transactions and the opportunity for more consultative, value-driven conversations. Moreover, its note-counting and note-recognition technology ensures accuracy in cash transactions. iCom is a web-based cash management solution for branches, ATMs, vaults and transportation providers that reduces cash inventory and expenses by optimizing cash levels and managing armored-carrier expenses.
When implemented together at branches, the technologies allow for more accurate and efficient cash forecasting and cash ordering - two elements of cash handling that impact a branch's profitability. Talaris executives predict that when the products are used jointly, a branch has the potential to reduce the amount of cash it needs to operate successfully by 15 to 40 percent.
"Our focus has always been on creating solutions that drive branch efficiency so tellers at banks and credit unions can focus on offering customers excellent service and establish better opportunities to generate revenue," said Chris Reagan, president of Talaris, Inc. "By offering the iCom software to our customers, we are delivering the most complete cash-handling solution available today."
A critical component of this partnership is Talaris' ability to add denomination-specific data to the intelligence iCom collects daily from each branch. By understanding not just how muuch cash each branch requires, but what specific notes will be needed, a bank or credit union can place far more accurate currency orders than if it had relied on a dollar amount alone. This reduces the amount of idle cash at each branch - whether in an unused teller drawer or in a vault - and ensures a more efficient and effective use of the cash on-hand. Moreover, this gives financial institutions the opportunity to more tightly manage its use of armored carriers, thereby reducing transportation and related vendor costs and alleviating security risks. Finally, with less currency at each branch, the fees associated with insuring cash will be lower for participating banks and credit unions.
"When an iCom customer taps into the benefits of a Talaris product, even greater efficiencies can be realized," said Guy Fries, president, Cash and Logistics, Fiserv. "In extending our partnership with Talaris, we are offering customers assurance that they have access to the leading cash supply chain management solution in the market."
In addition, customers taking advantage of Talaris and iCom technologies will have access to detailed dashboard reporting. The data provided will give an account of the efficiency of the cash operation within a financial institution or at an individual branch. The dashboard details efficiencies, such as days inventory held, gained by branches utilizing teller cash recyclers (TCRs) versus those without.