VECTORsgi, a Metavante company and a leading provider of financial transaction applications, announced the expansion of its Premier VECTOR Currency Control Solution to include a Deluxe and Basic version of VECTOR:Cash.
The solution identifies currency needs based on historical data and identifies surplus cash that can be reallocated to revenue producing investments, while maintaining compliance with reserve requirements and insurance funds.
The primary objective of the VECTOR Currency Control Solution is to enable financial institutions to manage their enterprise-wide inventory of cash with the assurance of maintaining the optimum levels of currency and denominations to meet their customer's needs. In many cases, cash reserves are reduced by 40 percent, making funds available for investment. The flexible solution enables financial institutions to decide the level of cash "cushion" for its comfort level.
"By expanding the VECTOR Currency Control Solution, small and mid-sized financial institutions can partake in the benefits of a proven cash inventory management solution," said Sydney Smith Hicks, Ph.D., president of VECTORsgi. "VECTOR:Cash has enabled banks to reallocate millions of dollars for long-term investments. Offering this advantage at a level and price suitable for all financial institutions just makes sense."
VECTOR:Cash Basic is designed to manage up to 20 cash sites, including branches, ATMs, vaults and cash centers. VECTOR:Cash Deluxe manages up to 200 cash sites. VECTOR:Cash Premier, the original product, manages thousands of sites and adjusts on a daily basis, targeting the nation's largest financial institutions.
VECTOR:Cash Premier historically identifies large amounts of cash available to transfer to income-earning funds. North Fork Bank is one success story.
"We began VECTOR:Cash when we were running 175 cash sites," said Jim Boyle, assistant vice president of North Fork Bank. "We immediately identified $50 million that could be invested into income earning funds. Since then, we have grown the system to manage more than 300 cash sites and we have benefited further with the system's expanded use."