Sberbank of Russia has purchased an institutional license for installation of the OptiCash/OptiNet software developed by Transoft International Inc.
The software is designed to optimize cash management processes for the bank's branches and ATMs. Transoft is one of the major global vendors of cash flow management software and implementation of their products is known as one of the best worldwide practices for efficient cash liquidity management.
The solution was initially implemented in the Moscow network of Sberbank branches and ATMs, where OptiCash/OptiNet proved to be highly effective and allowed the bank to improve cash availability in cashpoints while reducing operational and funding costs.
Upon success of the Moscow implementation, Sberbank purchased an institutional license in order to replicate OptiCash/OptiNet across all Sberbank cashpoints in the Russian Federation and centralize all cash flow management processes within the institution.
Once the implementation across the whole bank cashpoint network is completed Sberbank expects to significantly optimize cash flow management costs and to improve customer service by minimizing the risk of out-of-cash situations in Sberbank branches and ATMs.
Acting head of department of financial market operations at Sberbank of Russia , Anna Orlenko commented on this:
"Many sectors of the economy already have implemented the automated resource management systems that efficiently reduce operational costs, improve process transparency and control, and help to avoid planning errors. We believe that similar solutions should be implemented in the banking sector as well. Sberbank of Russia went forward with implementing a software solution by Transoft, a worldwide leader in development of cash management software. In their operations within the Russian market, Transoft International rely upon I-Teco, their Russian partner for software implementation and maintenance."
President of Transoft International Inc. Bo Holmgreen commented:
"Our work over the last two years with Sberbank has been very rewarding and we appreciate the size of such a huge bank going through incredible market adjustments. Our OptiCash applications suite will position Sberbank well for optimal cost management and bring a stabilizing decision support platform to the daily cash distribution throughout this immense country. Sberbank faces significant challenges across tens of thousands of cash points every day; similar to several of our large clients in other countries. We are proud to earn the trust of such a sophisticated international bank and seeing our system and manuals in Russian - the partnership with our global expertise coupled with Russian adaptation by I-Teco confirms how the best results are obtained by working together well. The Sberbank team is extremely capable and will benefit tremendously from this implementation over the coming years."
Director of Financial Technologies department at I-Teco, Alisa Melnikova commented:
"Sberbank of Russia is the first bank in Russia going for radical improvement of its cash processing procedures. Besides reduced cash delivery costs, implementing this solution will offer functionality for better forecasting, planning, cost optimization, and rapid response to any cash market fluctuations. The I-Teco team has significant experience in implementing similar projects, and we firmly believe that our partnership with Transoft will live up to the best expectations of the largest bank in the Russian Federation."